While three in four (76%) of 55 and overs have some assets, savings or investments, only two in five (38%) say these assets, savings or investments are to provide additional income in retirement, according to research from Age UK Enterprises, the commercial services arm of Age UK.

Of those with any assets, savings or investments, a fifth (21%) admit they have no idea what they are worth, and less than one in ten (7%) chose ‘maximising their investment returns’ as the main thing they would look for when selecting a product.

The research found that around a third (30%) of 55 and overs with any assets, savings or investments have saved or paid into them for more than 40 years, while 13% have saved for ten years or less. When asked about the financial assets they hold, more than half of 55 and overs (55%) own a house, either outright or with a mortgage, just over a third (35%) have a private pension, 16% have invested in stocks and shares and 10% have money in an investment fund.

Gordon Morris, Managing Director of Age UK Enterprises, said:

'It’s clear too many over 55s find themselves facing a retirement where their income will be fixed, without being aware of the options available to improve it. At a time where soaring inflation puts greater pressure on managing costs, and low interest rates restrict savings returns, it is vital more is done to help people understand their financial choices. Taking action to shop around, particularly with complex financial products, as well as reviewing existing assets and savings can make a substantial difference to retirement income.'