More than a third of older people do not feel that the income from their pensions and savings is enough to give them a financially stable future, a study has revealed.
The Age UK survey of people aged over 60 also found that one in five older people owes money on a mortgage, a credit card or a loan, and 11% of those interviewed had needed to borrow money just to cover their rent or mortgage.
One fifth of those who owe money are concerned about their level of debt, according to the report, which highlighted the charity's More Money In Your Pocket campaign, to encourage people to make sure they claim the benefits they are entitled to.
Older people have struggled amid high living costs and low returns on savings, while recent rounds of quantitative easing have hit annuity rates, which set the size of a pension for life.
Age UK said that 1.8 million pensioners live in "poverty", while as much as £5.5 billion in benefits goes unclaimed each year with up to 1.6 million older people who are eligible for Pension Credit not taking up their entitlement.
Michelle Mitchell, charity director general at Age UK, said that older people were more likely to miss out on claiming benefits because they were hesitant to claim or believed the process was too complicated or intrusive.
She said: "It is extremely worrying that such a high number of older people report having debts and have had to borrow money just to keep a roof over their heads.
"Most older people live on relatively small incomes so making debt repayments can be a worry.
"Far too many older people are living in poverty and the Government must continue to work proactively on ways of getting money to older people who are in desperate need."
More than 1,000 people aged over 60 took part in the study.