Almost 8 in 10 (79%) 45-54-year-olds (Generation X) say they are worried about spiralling living costs as they approach retirement, according to a new report.

Four out of 10 say they are "very concerned" about the impact of rising costs on their retirement plans.

Those aged 55-64 were almost equally as concerned as 45-54-year-olds about the rising cost of living with 78% saying they have concerns about the escalating cost of everyday essentials.

Over a third (35%) of UK adults surveyed by Aviva said they feel more anxious about their future compared to before the Coronavirus pandemic, with those aged 45 to 54 the worst affected (42%).

Aviva’s research also suggested the end of lockdown has put renewed pressure on savings.

Only a third (32%) said they felt lockdown helped them to build a bigger savings pot, with those aged 55 to 64 the least likely to have saved more.

Restricted movements during the first pandemic lockdown saw households’ monthly savings temporarily soar to an unprecedented £27.5bn in May 2020 according to The Bank of England. Most recently, the £9.1bn deposited with banks and building societies in August 2021 remains high compared to the pre-pandemic monthly average of £4.7bn.

A fifth of the UK adults surveyed said they have already spent any additional saving they put aside during lockdown, while a quarter predicted their lockdown savings pot will be exhausted by the end of the year.

Over a third (34%) of people aged 45 to 54 said they were saving less now than before the pandemic, compared to 28% of those aged 55 to 64.

Censuswide carried out research among 2,000 UK adults on behalf of Aviva this month.