More than half (68 per cent) of savers have stayed in work longer or deferred access to their retirement savings as a result of the challenging economic climate seen in the past year, research from NextWealth, sponsored by Aegon, has found.

The research asked advisers what changes they had seen in client behaviours over the past 12 months due to the challenging economic climate.

This revealed that more than half (53 per cent) wanted to decrease their level of investment risk, although 36 per cent noted they had seen clients increasing their investment risk.

In addition to this, 53 per cent wanted to look to guarantee some income through a combination of an annuity and drawdown.

Commenting on the findings, Aegon pensions director, Steven Cameron, stated: “The challenging economic conditions of late have impacted most people, including those approaching or in retirement.

"This research shows just how widespread behavioural changes are, which in turn shows just how valuable retirement advice is, especially in times of change.

"A delay of even a year or two can make a big difference to sustainable retirement income levels as a result of saving for extra years, having a longer period of investment growth and having fewer years of retirement to fund.

“While three-in-five advisers (61 per cent) have seen some clients take more from their overall savings to get by, it’s reassuring than only 4 per cent have seen this behaviour from the majority of their clients.

“Overall, the research paints a picture of many clients changing their behaviour around retirement, but in a wide variety of ways.

"This shows the important role advisers play in tailoring their advice to individual needs and preferences, particularly amongst those approaching or in retirement. This further emphasises that for many people in or approaching retirement, their ‘second 50’ can be uncharted territory.”

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