Two in five over-50s (44%) have had to cut back on luxuries such as eating out and takeaways due to the rising cost of living, according to a new report.

Four in ten (38%) have had to scale back their hobbies and more than a quarter (28%) of over-50s have cut spending on the gym and sports clubs, according to a report from SunLife.

Over-50s were also cutting back on personal spending, with 34% spending less on clothes and 38% spending less on hair and beauty treatments.

The reasons for having to cut back on spending were dominated by the rising cost of living.

Almost three quarters (71%) of the 2,000 over-50s surveyed said they were spending more on rising energy costs, 61% were spending more on their weekly food shop, and 42% were paying more for fuel and transport.

Further rises to energy bills, food and fuel costs was the largest financial concern for 63% of those surveyed, outweighing concerns about pension values (26%) and outstanding debt (18%).

Over-50s had also had to cut back on their usual generosity. A third (31%) had spent less on charity donations, while 20% had to cut back on gifts for children and grandchildren.

• SunLife surveyed 2,000 UK adults over the age of 50 for their annual Life Well Spent report.