Wealthy UK citizens are more willing to work into their old age rather than retire as is the case with people in other rich nations, but such people are at risk of putting off important financial planning decisions as a result, according to Barclays Wealth.

The UK-based wealth management firm found, from a global survey of 2,000 high net worth individuals, that 60 per cent of HNW individuals in the UK want to keep on working and will never retire.

Barclays Wealth refers to the concept of “nevertiree” in its latest Insights report, entitled, The Age Illusion: How the Wealthy are Redefining Their Retirement.

"Nevertirement" is expected to become more popular over the coming years, with 70 per cent of respondents under the age of 45 saying that they will always be involved in some form of work.  The desire for longer working life is not just found among entrepreneurs, however; the findings apply to all wealthy respondents, with 57 per cent of those who inherited their wealth saying they too will continue working in later life.

“There are a number of factors driving the notion of Nevertirement, and whilst higher life expectancies and concerns about an unpredictable economy are almost certainly relevant, it is fascinating to see that wealthy people are continuing to work for a variety of other reasons, and indeed that this appears to be something that is set to continue in future generations," said David Semaya, head of UK & Ireland Private Bank.

The UK leads the way amongst the developed economies. In the US, 54 per cent of respondents expressed a desire to carry on working, with Switzerland (34 per cent), Spain (44 per cent) and Japan (46 per cent) more likely to opt for a conventional retirement.

The attitudes highlighted in the report carry important wealth management implications, Barclays Wealth argues, as it means some “nevertirees” might ignore the need to solve issues such as succession planning, writing a will and providing for life after work.

With only half (51 per cent) stating that they feel financially responsible for their children and when asked if they wish to leave a sizeable amount of wealth to their family, the UK is one of the countries least likely to do so, with just over a third (35 per cent) saying they will not pass on their wealth. This is despite the same proportion of respondents saying that their children will be less wealthy than them.

The report also comes at a time when developed countries are wrestling with the issue of how to fund an increasingly ageing population, made more acute by the recent financial crisis. On the other hand, improving healthcare and changing patterns of work mean it is increasingly feasible for some, if not all, employed persons to contemplate a longer work life than was the case for their parents.

Some scientists already expect human lifespans to continue rising markedly, creating significant challenges to how people currently think of issues such as retirement. By as early as 2036, the average lifespan in the developed world may be decades longer than it is now, Cambridge-based biomedical gerontologist Aubrey de Grey has argued. In 2004, the average British male who lived to 65 could expect to reach 84, according to the Government Actuary's Department.