A research conducted by the Birmingham Midshires' Life 2 campaign has revealed that people over the age of 55 years have an average savings 'pot' of just over that amount GBP 33,091, to enable them to enjoy life to the full well into their 70s.

The research has revealed that one in two over 55s questioned said they were able to afford the lifestyle they wanted and with 40% claiming they can now enjoy the money they have saved over the long term. A further one in three now go on more holidays than they used to.

The survey has0 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.