Millions of people approaching retirement are failing to put savings aside as the cost of living continues to rise.
According to research by Aviva, the majority of consumers aged between 55 and 64, known as pre-retirees, save on average 2.5% per month, whilst nearly three million do not save any money at all.
Instead of saving and preparing for retirement, many people are struggling to make ends meet as costs of groceries, clothes and household bills soar.
Older savers, aged 75 and over, are most likely to save at least £60 each month.
Clive Bolton, managing director of Aviva's At Retirement business, said: "It's vital that people take an active role when they retire to make sure that they get the best retirement they can.
"The first step towards this is taking a little time to understand all of the options retirees have open to them.
"For many this may seem confusing or daunting at first, but it's incredibly important."
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