Brits are delaying their retirement by an average of 3.9 years due to the high cost of living, research from Compare the Market has revealed.

According to the survey of over 2,000 Brits, retirement is the most expensive financial milestone for most savers, with the average Brit having spent or planning to spend around £84,847 on retirement.

This comes after previous research revealed that the average amount needed for a basic retirement has increased by 60 per cent in the past three years due to the rising cost of living.

Regional differences were highlighted though, as Compare the Market found that whilst Brighton (£131,946) and Liverpool (£122,270) residents needed to save more into their retirement plans, Plymouth was the most affordable retirement destination, with an average cost of just £40,680 to retire.

Age differences were also found, as those between the ages of 25 and 32 said they planned to spend £109,561 on retirement, the most of all ages.

The findings also follow research published by Hargreaves Lansdown, which showed that almost two in 10 (16 per cent) people, including 16 per cent of those over 55, did not know when they would retire.

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