Two million over-55s have no savings
And on average people aged between 55 and 64 are saving just 2.5% or £39 of their monthly income.
This is despite this group having the highest gross monthly income of all over-55s at £1,560.
Aviva’s Real Retirement Series said the retiring (aged between 65 and 74) and the over-75s both save more (£61) than the pre-retiring, aged 55-64.
Pre-retirees are also the most likely to save nothing each month (38%) and have no saving pot (18%)
Meanwhile some 42% of over-55s say their biggest concern over the next six months is paying for unexpected expenses.
Clive Bolton, managing director of the At Retirement business at Aviva, 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. That’s why we’ve launched a campaign which focuses on providing people with jargon-free help on how to prepare for retirement so people can make better choices about how they use their retirement funds.”