The survey of 232 retired millionaires, carried out by financial adviser deVere Group, found that 78% thought it was ‘important’ to ‘extremely important’ to build a retirement income, while 62% thought it was ‘important’ to ‘extremely important’ to get on the property ladder.

Nigel Green, the chief executive of the deVere Group, said: “These findings reflect the real concerns that people have about getting older.

“The survey highlights that even those who have acquired a million pound-plus fortune are concerned that they might not be able to afford to sustain a comparable lifestyle throughout their retirement.

“In addition, it suggests that many have seen a downturn in their home’s value and that they have a lack of confidence in the property market.”

The respondents stated that despite being millionaires, they find that their money does not go as far as they had expected, due to factors like rising prices.

Green added: “It appears that retired people, of whatever wealth bracket they may be in, are increasingly realising the level of savings that are necessary to fund a similar lifestyle to what they had enjoyed whilst still actively working.

“It’s clear that millionaires’ best advice to young people is to start saving as soon as possible if they want to enjoy a long, active and comfortable retirement.

“The survey’s findings underscore the message that the earlier you start financial planning, the easier it is to reach your long-term financial goals.”