The number of people aged over 65 in the UK increased faster than any other age band over the last 10 years, official figures show.
There are now an estimated 12.2 million people in this age bracket, nearly one fifth of the whole UK population.
The figures from the Office for National Statistics reveal that over the last 10 years the number of people aged between 65 and 84 years old rose by 23%, while the over 85 population increased by 22.8%.
This is more than six times the growth of the working age population (16 to 64 years), which has increased by just 3.5% over the same period.
Steven Cameron, pensions director at Aegon, said it is encouraging to see that people are already taking an interest in extending their working lives accordingly.
However, he said that while there are many positive benefits of remaining in the workforce for the economy and for the individual’s health, there are financial challenges to consider. He argued that this needs to be considered not just by the government in terms of policies on state pensions and social care, but also by individuals “who increasingly have to take part responsibility for their financial futures”.