It was also found that 12 per cent of people only use their pension savings for necessities, while ten per cent of those in the age group work past the state pension age to stay active and supplement their income.
Bob Mottershead from Newcastle Building Society's equity release service said: "These findings show that you cant generalise people as 'over 60' when clearly different people adopt very different lifestyles in or approaching retirement."
Recent research by the Association of British Insurers also found that consumers in the UK are generally satisfied with the service they receive from companies in the pensions and life insurance sector.
The study found that 85 per cent of people feel their providers treat them fairly.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.