Birmingham Midshires says that the amount saved by today’s pensioners is enough to give them a good quality of life.

Some 51 per cent of respondents to the survey said they could afford the lifestyle they wanted, with a third enjoying more holidays than they did when they were younger.

The research also showed that today’s pensioners make significant savings from the age of about 55.

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.”

He added that the research showed younger people were also saving for the future.

Recent research by Abbey Savings, however, agreed that only half of adults had saved enough to enjoy the retirement they aimed for, with 61 per cent of those not yet retired saying they are not saving enough to do this.

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