Employers need to be more aware of the contribution older workers can make to their businesses.

The insurance division of global banking giant HSBC put out this message at the launch of what it claims is the biggest-ever study of ageing and retirement. Professor Sarah Harper, director of the Oxford Institute for Ageing, said that early retirement had become popular in the 1980s partly in response to high unemployment, and the desirability of making jobs available to younger workers. However, patterns were changing.

Globally, nearly half of those in their 40s and 50s who are still working expect to continue working for as long as possible, with a further expecting 29% expecting to retire when they are old enough to receive their pension. Only 12% expect to take early retirement. This compares with 16% of those over 60, who actually did take early retirement.

Clive Bannister, group managing director of HSBC Insurance said: "It is clear that we need to rethink our approach to later life and to understand and appreciate the value of the work our older people do every day."