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The Preston-based equity release adviser has found one-third of those living in Britain aged 55 plus owe a combined £207bn on their properties.

Research conducted by Key Retirement Solutions revealed the average debt for those in or nearing retirement last year was £37,316, a 20 per cent rise year on year.

However the intermediary found those aged 70 plus were most at risk with an average mortgage debt of £45,493.

Dean Mirfin, business development director for Key Retirement Solutions, said: "While this analysis is based on those who have released equity from their home, if this is only part reflective of pensioners as a whole, then this is of huge concern.

"The rising cost of living is increasingly affecting all of us today, but it is the older generations that are feeling the pinch more than others.

"With new estimates from Age Concern putting the number of pensioner households living in fuel poverty at 2.25m, with an estimated 250,000 pensioner households pushed into fuel poverty by the price rises this year alone, many have little income left to enjoy their twilight years."