At a time when charities are voicing concern over the ability of older Britons to meet rising household bills, the Saving Britain Index, by Birmingham Midshires found that 16% of over fifties were forced to raid their savings to pay for higher than expected bills over the last three months.

Over one in four older Britons (27%) had no liquid savings at all raising new concerns over the vulnerability of older people.

The report found that a worrying one in three (32%) over fifties have failed to put any money aside over the last three months. This is double the proportion of under thirties who failed to save over the same period (16%), and substantially more than the 30-50 year olds who failed to add to their liquid savings (23%).

Richard Brown, head of savings products for Birmingham Midshires said: "Our latest ‘saving Britain’ index has presented some worrying findings. We already know that Britain is in the grips of a pension crisis but it is now evident that a lack of liquid savings are a further cause for concern."

"There is still a need for older Britons to have liquid savings even if they do have a good pension plan. A pension will really only maintain a standard of living at best, with little left over once the essentials have been paid for."

The quarterly probe which analyses the savings habits of Britons showed:

• A staggering 37% of Britons do not have any liquid savings at all.
• Of those who have liquid savings, the average Briton has access to £11,235 in liquid savings. This rises to £14,462 for over fifties, compared to £10,666 for those aged between 30 and 50 years, and £4,694 for the under thirties.
• Almost half of under thirties (47%) have no savings, compared to 41% of 30 to 50 years and 27% of over 50s.
• Over fifties were also more likely than the other age groups to raid their savings with half taking money from savings accounts over the last three months. This compared to with 39% of under thirties and 42% of 30-50 year olds. Regional differences in savings levels
• Londoners are most likely to have savings (67%).
• Northerners are least likely to have savings (39%).
• Londoners have the most in liquid savings of all the regions (£13,258) whilst Scots have the least (£8624).