The survey of more than 1,100 adults found that 63% of 55-64-year-olds reported “high levels of anxiety” over the impact of Coronavirus.

In contrast there was significantly less concern among those early on in their pension-building phase with 18-34 year olds more relaxed about pension performance.

Aegon has launched a tracker survey to understand how savers and investors are behaving as a result of the Coronavirus and related market volatility.

The survey of more than 1,100 consumers was carried out at the end of March. It found that the highest levels of anxiety were among 55 to 64 year olds.

A third (33%) of 18-34 year olds have checked the performance of their investments in the last four weeks, compared to 53% of people in the 55 to 64 year old bracket.

Steven Cameron, pensions director at Aegon said: “Our research shows the very different reactions people have depending on what stage of life they are at.

“In times of high market volatility younger investors are generally more prepared to shut out the noise, and take comfort that historically the best strategy appears to be to stay on the same course they set out on.”

“In terms of reacting to highly volatile market conditions, some 18 to 34 year olds in particular have taken this as an opportunity to invest with 28% making one off investments, compared to just one in ten of 55 to 64 year olds.”

He said there were also signs that 55+ savers nearing retirement were watching stock markets very closely with 72% of those in the older group focusing on market movements compared to 44% of younger savers.

• The 1,110 respondents who took part in the research were recruited through Aegon’s customer and consumer panels.