More than a quarter of workers over 50 fear losing their jobs if their employer chooses to reduce staff numbers, new research shows.

Findings from Age Concern and Help the Aged reveal they are also uncertain over their retirement funds, as 47 per cent are less confident than they were six months ago that their savings would hold out.

"These figures paint an extremely bleak picture for millions of over 50s whose working lives are at risk of being cut short by the recession," commented Michelle Mitchell, charity director for Age Concern and Help the Aged.

She added that those who lose their jobs are likely to find it difficult to get back into work, which will also make them financially vulnerable.

Statistics also reveal that the rate of unemployment among those aged 50 and over has increased by around 50 per cent, making financial concerns a real problem for many.

Figures from the Office for National Statistics on health expectancy show that the population of Great Britain has been living longer over the past 23 years, but the extra years have not necessarily been in good health or free from illness or disability.