INCREASING numbers of Scots say they will have to work past retirement age because they will not be able to afford to leave their jobs due to lack of pension savings.

Almost half of those aged in their 40s, 50s and 60s – the equivalent of 186,000 people – say they will not have enough money to retire when they reach the state pension age.

Many also feel they will have to keep working at the same pace, doing the same hours as they do today to keep their standard of living, with just one-quarter saying they would cut back on the time they spend at work.

A survey by charities Age Scotland and Business in the Community (BITC) found that more people than ever believe they will not have the financial security to retire and maintain their way of life.

Age Scotland is calling on the Scottish Government to ensure that people in their 50s undergo a “financial MOT” to help them make plans and allow them to afford to retire.

Brian Sloan, Age Scotland’s chief executive, said: “It’s worrying that retirement seems increasingly unaffordable for a growing number of Scots.

“There is a growing need for more guidance to help people plan their future working life and prepare ahead for retirement.”

The poll, conducted by YouGov, found that not having enough money was the most common reason to continue working.

Others included enjoying the social side of working, and worry they would get bored or lonely at home. The report laid bare people’s fears about their health if they continue to work past retirement, with almost one in four saying their job is too physically demanding to continue working into their late 60s.

One in five surveyed believe their health will not be good enough to continue in employment.

There were also concerns about age discrimination, with almost one in four adults aged between 40 and 64 saying they were disadvantaged or had been treated negatively when at work or applying for jobs

More than half are interested in the idea of a career MOT at 50, including in-depth career and retirement planning advice.

Mr Sloan added: “While there are various reasons people choose to keep working, money concerns are the main factor forcing them to work into their late 60s and beyond.

“At the same time, many feel they will need to reduce their hours or switch to a less physically demanding job.

“As the State Pension age increases, working longer is set to become part of life.

“We’re urging the Scottish Government to continue to invest in our older workers, tackle barriers to working, and offer mid-career guidance to everyone who requires it.”

A recent report by the Scottish Government, with the University of Edinburgh Business School, highlighted the benefits of mid-career reviews, to prevent a “downward trajectory for employees after the age of 50”.

Alan Thornburrow, director of BITC Scotland, said “As part of BITC’s commitment to increasing diversity in the workforce, wWe are delighted to be working with Age Scotland to address the issues around an ageing workforce.”

“With an ageing population, business needs to take action now to prevent early exit from the workforce, support later life working and make the most of intergenerational workplaces.”

A Scottish Government spokesman said: “The rising employment rate amongst older people shows that employers are increasingly recognising the skills and experience older workers can offer.

“We want to support the development of a labour market that is open, inclusive and offers good quality and rewarding jobs for everyone.

“We are determined to do all we can within our current powers to enable older people to remain in employment for as long as they wish.”