Almost a third of over 60s still in work - and 40% of those are working full-time

• e-mail

Retirement is not a real prospect for a good proportion of over-60s as three in ten are still working and many are struggling to make ends meet, a new survey suggests.

Three in ten of over-60s are in employment while 60 per cent are officially retired.

Many of those still in employment work full-time, and the average hours are 29 per week. As much as 40 per cent work 36 hours or more per week, according to research by Nationwide Building Society.

The average income of a person in their sixties is around £21,000, although two in five earn less than that at around £15,000 per year.

Costs: Some 9% of over 60s have no cash left at the end of the month once they have paid for bills, food and other essentials

Women in their sixties, just as in the rest of age bands, earn substantially less than men, with their average annual income at £18,465 compared to £24,000 for their male counterparts.

Andrew Baddeley-Chappell, Nationwide’s head of savings and mortgage policy, said: ‘At a time when some would like life to start slowing down, our latest life-stages survey shows that this may actually be far from the truth. In fact, it appears that for many the hamster wheel is turning just as fast.’

The survey of around 1,800 people also found that 60-somethings have an average £338 per month in disposable income, although nearly one in nine have no spare cash left over each month once they have paid for bills and other essentials.

The state pension is the main source of money for more than half of over 60s, while two in five benefit from a private pension and a third have a work pension.

Gender gap: Women in their sixties earn substantially less than men

The poll also reveals that the average 60-year old has squirreled away £5,672 in savings.

However, more than one in ten, or 13 per cent, have just £100 or less saved away and nearly one in five, or 18 per cent, have £500 or less in savings.

But while a proportion of older people struggle to make ends meet and have little savings, the vast majority live in their own home, which they bought at the average age of 28 and for which most have already paid off the mortgage.

Only one in five over 60s live in a rental accommodation, according to the survey.

Mostly relieved of mortgage debts, those in their sixties owe comparatively little when it comes to debt, with an average amount of just over £3,330.

Around 30 per cent have considered downsizing their home to make life more affordable, Nationwide said.