Nearly half of UK consumers are considering retiring abroad as they believe they could achieve a better quality of life overseas, according to new research.

The Telegraph has obtained a survey by the National Association of Pension Funds (NAPF) which shows that around 60 per cent of British adults do not expect to be able to retire in comfort in the UK as inflation and dwindling pension pots continue to limit retirees' spending power.

Overall, 46 per cent of respondents revealed that they are considering retiring to a cheaper country where they can afford a better quality of life.

Joanne Segars, the chief executive of the NAPF, claimed that those with a big savings pot will have lots of options available to them but warned that many others may be forced to retire abroad.

She told the news provider: "[Pensioners have] got a choice - stay here and see their standard of living slump, or get a better deal by emigrating.

"In a globalised world people will scour the planet for the right lifestyle at the right price. We expect to see more 'grey flight' as people try to squeeze the most out of their pension."