Businesses in the UK will struggle to adapt to an ageing workforce, according to data by the Chartered Management Institute (CMI).

The survey found that just 14% of bosses consider their organisation well prepared to cope with a greater volume of senior workers.

More than a third of respondents claim board-level recognition of ageing workforces is non-existent, despite the fact that 93 % see value in retaining the knowledge and experience of older workers.

Respondents also claim that age discrimination still exists, with 40% having experienced it at some stage in their career and a similar number stating that their workplaces are not age diverse.

"The age profile of the UK workforce is changing, yet UK businesses are woefully underprepared for the impact this will have on their business," said Petra Wilton of CMI.