More elderly consumers could be set to consider annuities after new research revealed that nearly half of adults in the UK are struggling to save.

HSBC has published its latest Savings Map of Britain which shows that 46 per cent of British adults failed in their attempts to boost their cash reserves last year as the pressures of high inflation, static wages and rising levels of unemployment continue to bite.

This figure is divided into two different groups, with 23 per cent 'struggling' to save and the same proportion labelled as 'static savers'. An additional 29 per cent of adults are not saving at all.

Bruno Genovese, head of savings at HSBC, said: "Unfortunately, the high cost of living forced many families in the squeezed middle to dip into their savings pots, leaving them with less than they started with."

Those looking ahead to retirement are not optimistic about their future saving prospects, with a fifth of 45 to 54-year-olds revealing that they expect to save less in 2012 as they need more money for everyday living costs