Research by Birmingham Midshires reveals that people over the age of 55 have an average savings pot of £33,091.

Findings from the Life 2 campaign, which explores the issues affecting the over 55s, reveal that, far from older pensioners seeing their savings dwindle, they have sufficient savings to enable them to enjoy life to the full well into their 70s.

Half of the over 55s questioned said they were able to afford the lifestyle they wanted;  with 40% claiming they can now enjoy the money they have saved over the long term. A further 33% now go on more holidays than they used to.

The survey found that people significantly begin to build up their savings pot from around the age of 55. During the first few years of retirement, savings generally dip but then bounce back to higher levels than before when people reach the age of 71 and above.

Jason Robinson, director of savings operations at Birmingham Midshires, said: “Our findings indicate that people in their 70s and 80s hold a large proportion of the country’s savings wealth.

“Our research reveals that older people have the means to continue living their lives to the full. It is also encouraging to see that those in the younger age groups are already building savings for the future. While the majority of us may not make it on to the Sunday Times Rich List when we reach the age of 50 and beyond, it’s important to have a suitable nest egg in place.”