A report by Aviva has found that a quarter of over 55’s have less than £500 in savings after the insurer questioned 10,000 people.

The Real Retirement Report also found that the same age group had seen a drop in monthly income of around £80 over the last 3 months to bring the average income for over 55’s to £1,216.

Clive Bolton, a director at Aviva, said: “Our research clearly shows that the majority of over-55s do not believe that they should have to pay for care in retirement. However with a rapidly aging population, this is simply not possible.