In addition, one in four (28%) over-50s say financial pressures have forced them to dip into their savings.

The survey backs up the findings of recent studies which found that many people were cutting back on spending and delaying retirement due to runaway inflation.

The research for Handelsbanken Wealth & Asset Management also revealed that one in 10 over-50s are investing less than before the cost-of-living crisis.

Men were twice as likely to be investing less compared to women (14% vs 7%) and more than a quarter (28%) over-50s have decided to go on fewer holidays.

The survey of 2,000 over-50s found that the squeeze was also affecting everyday spending habits with more than half of over 50s (59%) spending less on ‘non-essential items’.

The research found that 50-somethings were feeling the impact of rising inflation more than most, with almost two thirds (64%) spending less on non-essential items, dropping to 62% among those in their sixties and around 50% of septuagenarians.

Women were found to have cut back more than men, with almost two thirds (63%) spending less on non-essentials compared to just over half over men (54%).

Regionally, over-50s in Yorkshire and the Humber are altering their financial habits the most due to the cost-of-living crisis. Two thirds say they are spending less on non-essential items and 30% are having to dip into their savings. In the East Midlands, just a quarter (25%) of over 50s feel they are not affected by the cost-of-living crisis.

Over 50s in the North East are having to make the least changes to their lifestyle, with less than half (49%) spending less on non-essentials and only 18% cutting into their savings. More than a third (37%) have not changed their habits due the cost-of-living crisis at all.

Christine Ross, client director at Handelsbanken Wealth & Asset Management said: “The squeezed middle aged are continuing to feel the strain of coping with the cost-of-living crisis. Many over 50s are facing steep costs for childcare, mortgages, and energy and feel they have no option but to change their saving and spending habits to cope with surging prices."

• The study was conducted by research company Opinium among a nationally representative sample of 2,000 UK adults aged 18-plus between using an online methodology between 28 March 2023 - 31 March 2023.