Britons must save more for their retirement if they want to enjoy their old age comfortably, a new study warns.

A report by Abbey Savings found that the average Briton has saved just £7,179 for retirement by the time they reach 50, leaving them to face a "challenging" retirement.

The over-50 age group holds around 91 per cent of the total savings and current account assets in the UK, 43 per cent of total Isa assets and 33 per cent of shares, according to data from GfK NOP.

Savings of £7,179 will purchase just one 30th of an average home in Britain, an annuity of around £397.08 a year, 1,435 grams of Golden Almas caviar or eleven 'top price' tickets to see Barbara Streisand in concert.

Alexia Kilby, Abbey head of savings, said: "Although the over 50s have been one of the most successful generations, many people need to save more to achieve a good retirement."

A recent study by Prudential reveals that 20 per cent of UK adults now plan to sell their home to make ends meet when they retire and just 45 per cent now expect to stop working when they reach 65, with 14 per cent (five million adults) claiming that they will never be able to afford to retire.