They were more likely to be struggling than older retirees, with 35% of over 55s surveyed struggling financially, according to the Aviva report.

Three-quarters of those between the age of 55 and 64 who told Aviva they were struggling financially were taking measures to boost their income or make their money go further.

A quarter (24%) were selling unused belongings, one in five (19%) were getting paid to test products or do market research and 8% said they had delayed retirement in order to make ends meet.

Other actions taken by over 55s to save money included moving outstanding debts (6.5%), getting paid for switching bank account (5%), selling homemade items (4.7%) and taking on casual jobs such as house or pet sitting (4.5%).

Some had also chosen to return to work, with 3.6% of those previously retired returning to the workplace.

On average, respondents said they will needed to increase their income by £257 a month to feel more comfortable financially, rising to £310 for 55-64 year olds.

Alistair McQueen, head of savings and retirement at Aviva, said: “Unfortunately the headline inflation figure – 10.1% in July 2022 - is just an average. Our personal inflation will heavily depend on our own spending patterns.  If, for example, you spend more on goods experiencing higher inflation (such as food, energy, fuel), your personal inflationary experience may be well above this headline rate.

“What’s more, the Bank of England currently forecasts inflation to hit around 13% in Q4 2022 – but this may increase further. It’s a worrying picture but it’s encouraging to hear that people are taking matters into their own hands to enhance and protect the money they have.”

According to Aviva, inflation continues to hit older people harder. Those over 55 are experiencing above average levels of inflation due to spending a greater proportion of their budgets on food and domestic energy.

Aviva said it expects the incoming rise to the energy price cap in October to hit holder households hardest, driving inflation as high as 18.8% for over 75s.