Around six million people do not know how they will pay their rent or mortgage in retirement, according to research by Royal London.

The study found that 18.7 million people either expected to pay housing costs in retirement or were already doing so, including around 16 million working age adults who anticipated having housing costs in retirement.

Of this working age cohort, 39 per cent (six million) said they did not know how they will pay for it.

Meanwhile, 61 per cent of renters anticipated housing costs in retirement, compared with 37 per cent of mortgage borrowers.

Among renters, 45 per cent expected to continue paying rent for more than 10 years after retiring, compared with 7 per cent of mortgage holders expecting to make mortgage payments for that long.

The YouGov survey found that younger adults were more likely than older generations to expect housing costs in retirement, with 44 per cent of 18 to 34 year olds anticipating such costs compared with 24 per cent of those aged 50 to 69, reflecting a trend towards longer mortgage terms among younger homebuyers.

The research also found regional differences, with 34 per cent of people in London, the south east and the south of England expecting to pay housing costs in retirement, compared with 23 per cent in Yorkshire and the Humber.

Royal London consumer finance specialist, Sarah Pennells, commented: "For generations, reaching retirement often meant reaching the point where housing costs were behind you. But for millions of today's retirees and future retirees, that simply isn't the reality.

"Whether it's renting for longer, taking out larger mortgages or stretching repayments over decades, more people are approaching retirement still facing significant housing costs.”

Pennells said savers expecting to pay rent or a mortgage in retirement should factor these costs into their planning to build a more realistic picture of the income they will need.

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