A survey by Populus of 10,000 Saga customers found that 20 per cent of men and 19 per cent of women over 50 are saving nothing at the moment and one in ten of 50-59 year olds do not even have a savings account.
Saga says that these surprise findings indicate that a worrying number of older people are not putting money aside. This could be due to a number of factors, such as rising unemployment levels, falling interest rates, or high inflation, which are leaving older people struggling to afford to make ends meet each week and leaving them with no extra money to put by.
The tough economic climate and ever-increasing pressures on household budgets may also be affecting the amount they are able to put away in their savings accounts.
Of those over 50s who do save, the survey revealed that men save more money than women. Some 29 per cent of men put away £250 or more each month compared to 19 per cent of women. However, this disparity between the genders could be due to men generally earning more than women and consequently being able to save more.
The Scots proved their reputation for being careful with money, with 85 per cent saving each month, however the same could not be said of another region famed for their frugality - almost a quarter of people from Yorkshire and Humberside (23 per cent) don't save.
Londoners came out tops for stashing away the most money into their savings account each month. Over a quarter of Londoners (27 per cent) put away £250 a month, but this was followed very closely by people from the South East, North East, Scotland and Wales (all 26 per cent).
Roger Ramsden, chief executive, Saga Services, said: "Some of the regional stereotypes about areas of the country where people are more cautious with their money have been supported, but others have been contradicted by our survey.
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It is concerning that almost one fifth of over 50s don't save and one in ten of 50-59 year olds don't have a savings account. This is worrying considering that many of those surveyed will be approaching retirement and, if these people are not saving in addition to their pensions, they may find themselves struggling to make ends meet when they do eventually retire."
Populus interviewed 10,203 Saga customers, all aged 50 and over, online between 29 and 31 August 2012
• A separate survey, commissioned by fund manager Black Rock, found that 31 per cent of 25-34 year olds expect to retire on an annual income of more than £30,000 a year, higher than the national average salary of £26,100. However, the BlackRock Investor Horizons survey, undertaken in conjunction with YouGov, found that despite saving nearly one fifth (18 per cent) of their monthly disposable income , higher than any other age group in this survey, only 12 per cent of 25-34 year olds are currently saving for retirement and only 4 per cent of their money is being invested.