Many over-55s are choosing to continue in the workplace in order to stave off boredom and maintain social networks, it has been claimed.

A recent survey by Birmingham Midshires established that around one third of over-55s expect to continue working past the traditional 65 retirement age- but not only to continue gaining finances.

Around 40 per cent of workers said that they would continue to work for social interaction - two per cent more than the 38 per cent who will continue working to pay off debts including mortgages.

Jason Robinson, director of savings operations for Birmingham Midshires, observed: "For many people work is an important social lifeline and consequently we are seeing a significant number of older people planning to work beyond state pension age - either in a paid capacity or in the voluntary sector.

"As a generation of savers, the over-55s are more likely to have this luxury of choice."

The report asserts that workers over the age of 55 fall into four main groups, which it describes as "silver socialites", "veteran volunteers", "senior splurgers" and "knowledge seekers".

Earlier this year Birmingham Midshires published separate research which indicated that half of Britons opt for instant access savings as the most convenient way of controlling their finances.