A study of the cost of living in the UK’s top 20 cities found 62% of over-55s are worried about making ends meet in retirement where they live –  but 66% do not want to move out.

Research from over 55s finance specialist Key Retirement shows that the most expensive city for a pensioner to live in is Brighton where the annual cost is more than £13,226 a year.

This is closely followed by London and Bristol where pensioners need £12,941 a year and £12,058 respectively.

At the other end of the scale, pensioners in Cardiff enjoy the lowest annual cost of living at £9,723 – around 36% cheaper than Brighton.

Birmingham and Coventry come in joint second cheapest place at £9,897 per year.

Despite the huge disparity in living costs, over 55s are reluctant to move as 63% said they liked where they live while 35% said they don’t want the upheaval of moving.

Nearly a third are concerned about losing touch with family and friends.

In comparison, the study of 2,000 people also showed that younger people are more likely to relocate, with 57% of 18-34-year-olds saying they would move in retirement.

Dean Mirfin, technical director at Key Retirement, said: “Moving out of the city to save money can make financial sense but it is not an easy decision to make in retirement with the costs of moving as well as the risks of losing touch with family and friends to consider.

“But apart from all that, quite simply most people like where they live and want to stay there if they can afford it despite the rising costs.

“Property wealth can make a major contribution to increasing retirement income and enabling pensioners to strike the balance between living where they want and being financially comfortable.”