The majority of UK homeowners are expected to turn to equity release schemes as they have insufficient savings to fund their retirement, according to new research.

Global financial services company The Motley Fool has published new research which shows that just four out of ten UK homeowners expect to have adequate savings and investments other than their home when they retire.

Worryingly, a quarter (24 per cent) of British property owners have no plans for their retirement in place at all. 

Dr Ros Altmann, director general at Saga, expressed her concern that so many people have failed to prepare adequately for later life and claimed that government policies are partly responsible for "destroying" consumers' savings ethic.

She said: "Quantitative easing is damaging people's pensions, rock bottom interest rates make savings worth less each year as inflation stays high and people have not even started to save for possible later life care needs.

"If they want more than their state and private pensions can give them, they will either have to work longer, save much more now, sell their home or borrow against it to bring in more money - or they will be pretty poor."

On average, UK homeowners have cash holdings of around £14,000, with this figure remaining largely unchanged throughout the majority of their working lives. It is not until homeowners reach over 55 years of age that their cash holding rises by a third to an average of £18,750.

The survey also revealed a discrepancy between men and women's attitudes towards retirement. Over half (51 per cent) of male homeowners revealed that they will not be relying on their property to fund their retirement, compared to just under a third of women.