The average British adult will enjoy seven years of complete financial freedom.
This is the main finding of research carried out by Skipton Building Society, which found that people enjoy a 'window of wealth' between the ages of 58 and 65.
It discovered this time period is typified by having no debts to pay off and no children to support, so mums and dads can enjoy their earnings before retiring on a reduced income.
Some 75 per cent of the over-55s questioned admitted they had little disposable income during their 20s, 30s and 40s, as they had to pay various household bills and meet their mortgage repayments.
Skipton's Head of Corporate Communications Tracy Fletcher said: "There will be financial commitments throughout your working life, but you can get to the point … where things ease up and you finally have a little money to spend on yourself."
Ms Fletcher added the findings highlight how important it is for people to get on top of their finances from an early age so they can enjoy their later years.