Saga Share Dealing, which carried out the research, urged consumers to consider shares over scratch cards.

The report stated: “Perhaps surprising given they are on a fixed income, retired people spend more on gambling than those who are still working - typically £19 a month, compared to those who still work who spend £16.85.

“In fact, people in their 80s gamble £52 a month on average.”

One in 10 over 50s feel more comfortable betting than investing in the stock market, despite the high odds of winning, the study showed.

Four out of ten over 50s gamble once a week and one in five say they place a wager at least two or three times a week, according to the study.

More men than women said they gambled, with one in five placing bets at least two or three times a week, though one in eight women said they buy scratch cards, play bingo or head to the bookies a couple of times a week.

If over 50s had placed the average flutter of £18 per month into the FTSE 100 index over the past five years, they’d be sitting on a healthy £1,490 today, 38% more than was originally invested, according to Saga.

The majority of over 50s surveyed believed that investing in shares is a better way to spend their money and 48% stated that they owned shares. Within this group, the highest share ownership (51%) was among people aged 80 to 89.

Joanna Fowler, head of share dealing at Saga Personal Finance, commented: “It is fun to place a bet and cheer a horse on in the Grand National or check your lottery ticket to see if your numbers come in, but its important people don’t bet beyond their means.

“If people have any spare cash at the end of the month that they don’t know what to do with they would be wise to consider buying shares instead of scratch cards as they may be more likely to see a return.

“It’s clear that with millions of over 50s owning shares, investing in the stock market is not just for sophisticated investors. With returns on cash falling to record lows, taking on some additional investment risk could help over 50s generate the income they need to support themselves in retirement.”