Individuals thinking about how they are going to fund their retirement may wish to consider equity release if they find they have already dipped into their savings during employment.

According to new data released by moneysupermarket.com, 26 per cent of respondents use their overdraft facility to make ends meet if their current account runs low on funds.

While 19 per cent claimed they use money they have put away to tide them over, eight per cent would make purchases using a credit card.

The online price comparison site believes the currently "challenging" economic conditions in the UK are changing the way in which Brits approach their finances.

Head of banking at moneysupermarket.com Kevin Mountford said that "times are tough for consumers at the moment".

This may be especially true for those over the age of 55, as director-general at Saga Dr Ros Altmann claimed earlier this month that the country's pensioners are "struggling to survive" due to high rates of inflation for the elderly.

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