Only 59% said they felt confident they could maintain their current lifestyle in a year’s time, far below the UK average of 70%, according to the report from Aegon.

Half (51%) of 50-59-year-olds had reduced their day-to-day spending in comparison to the UK average of 46%.

The crisis was also impacting retirement saving, with 13% of 50-59-year-olds surveyed having stopped or reduced their contributions in response to increases in the cost of living.

One in five (21%) of those in their fifties had dipped into their long-term savings.

One in three (37%) of the age group said they were under mental strain due to their current financial situation, in comparison to 27% of workers under 50.

Steven Cameron, pensions director at Aegon, said: “Our research brings into sharp focus the plight of those in their fifties. While the pandemic and cost-of-living crisis have impacted all age groups, people in their 50s often have multiple financial pressures and are having to juggle priorities like never before. This is leading to mental strain and a lack of confidence in future finances.

“It is important that the plight of the 50-somethings is not forgotten. The challenges of the cost-of-living crisis are impacting on this group of workers in a profound way.”

H/Advisers Cicero surveyed 900 workers and 100 retirees in the UK on behalf of Aegon in July.