The research, carried out by Prudential, found that the average pensioner sees their income drop by more than £4,000 when they retire, forcing them to find other ways to meet the shortfall.

The most usual means of doing this is returning to work- an option that a quarter of pensioners are taking up.

Pensioners in the South West seem to be hit the hardest, with up to a third returning to work, while those in Scotland are the most secure.

The survey also shows that the state of pensioners’ finances are becoming so bad that one in 50 is considering turning to crime. This is double the number who admitted to considering this option in 2002.