British retired couples have an average equity of £134,145 tied up in their homes, accounting for about half of their average total savings and assets of £269,479 - which does not include their pensions. The balance is made up of cash, stocks and shares (£95,649) and the rest in insurance policies and other assets.

But only 17% of British pensioners have consulted a financial adviser for guidance on their pension and maximising their retirement income, according to research by YouGov for pensions specialist Prudential.

"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," says Gary Shaughnessy, Prudential Managing Director, Retail Life & Pensions.

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