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Similarly single pensioners hold average savings and assets of £134,739 - over and above their pension pots. Yet research by Prudential found that many have stilled failed to make the most of their money.

The average amount of equity tied up in pensioners' homes stands at £134,145 for a retired couple and £67,072 for a single pensioner - not including any outstanding mortgages.

Meanwhile, more than a third (35 per cent) of retirees' savings are tied up in cash, stocks and shares. On average this equates to £95,649 per retired couple and £47,824 per single pensioner, with the rest split between insurance policies and other assets.

Prudential managing director of retail life and pensions Gary Shaughnessy said: "It is surprising to see just how much money the average pensioner has tied up in savings and property.

"However, it is even more staggering that so few people have sought financial advice for making the most of their money in retirement.

"The average pensioner could substantially boost their retirement income simply by using their savings and assets in different ways and exploring other options such as equity release to deliver an income."