The report, published by the Saga group, found that the generation coming up to retirement have been effected badly by the rising cost of living, unemployment and a fall in savings.
While many of those who have already retired are enjoying decent pensions and have paid off their mortgages, those in their 50s are enjoying no such peace of mind, the report makes clear.
The study included a survey of 13,000 people over the age of 50 as well as a detailed analysis of Office for National Statistics data, undertaken by the Centre for Economic and Business Research, a think tank. It laid clear the concerns and problems facing the so-called baby boomer generation born between the end of the war and Harold McMillan declaring that Britain had never had it so good.
The study found that the annual real disposable income – taking into account inflation – had fallen from £34,366 a year ago to £33,900, or those between 50 and 64, an annual fall of more than £450.
Ros Altmann, the director general of Saga, and former government pensions adviser, said: "Inflation has really hit those who have yet to retire. They tend to still drive a lot, they still need to heat their homes, and they may still have a mortgage.
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