"Two-fifths of people approaching retirement are failing to save anything to help support themselves when they leave work, research showed today, with many of these "pre-retirees" having a substantial amount of debt.

"The first Real Retirement report from the UK's largest insurer, Aviva, which reviews the finances of three ages of retirement - pre-retirees (55-64), retiring (65-74), and long-term retired (over 75) - reveals that those in the 55-64 age group are generally much worse off than people who have already reached state pension age.

"The report paints a picture of a divided Britain with a growing gap between the super rich and the very poor, with more than one in five people struggling to survive on less than £750 a month and an increasing number entering retirement saddled with debts."

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