One-fifth of over-50s do not save any money for a rainy day.
Newly-released research by Saga has found that some older parents are not being as prudent as would be expected, with one in ten not even owning a savings account.
The current tough economic climate, coupled with ever-increasing pressure on household budgets, means that people may find it difficult to have enough disposable income.
Roger Ramsden, Chief Executive of Saga Services, said the current situation is "concerning".
"Many of those surveyed will be approaching retirement and, if these people are not saving in addition to their pensions, they may find themselves struggling to make ends meet," he added.
On the other hand, 29 per cent of men and 19 per cent of women are putting away £250 or more every month.
Across the UK, Londoners were found to be the most likely to save, as 27 per cent set aside cash every four weeks, while this figure falls to 26 per cent in the south-east, north-east, Scotland and Wales.