People nearing state retirement age have the lowest savings of all over-55s, according to Aviva.
In its first Real Retirement report, Aviva studied the finances of the UK's over-55s, with its research suggesting growing debt and low savings point to a gloomy picture for retiring people.
The current generation of retiring and long-term retired has a higher incidence of homeownership, lower debts and more savings than the pre-retirees, according to Aviva's first Retail Retirement Report.
The report reviews the finances of the three ages of retirement broken down into pre-retirees (55-64), retiring (65-74) and the long term retired (over-75).
Pre-retirees have the lowest savings, an average of £8,593, lowest incidence of home ownership and largest average mortgages, with around £16,694 outstanding.
Two fifths of pre-retirees save nothing per month and 20% still owe more than £75,000 on their mortgage.
There is also a growing disparity between the richest and poorest in all age groups.
Again this gap is at its most egregious in the pre-retirees so while the average savings for this group is £57,002; the median - which represents a more typical saver - is a mere £8,593.
The report was based on a survey of 1,200 individuals throughout the UK.
Investors have largely avoided financials over the past 10 years, with the share prices of US and European banks having largely stood still relative to broader markets since 2007. But while banks won't return to their record valuations any time soon (and...
Steps already taken
Increasingly diverse sector
First of planned acquisitions
Feedback from first year