Research from Santander Savings shows those who took out mortgages between 2000 and 2010 will have an average ‘savings window’ of just ten years to boost their pension pot.

In contrast, people who first bought properties in the 1960s had an average savings window of 21 years – a period of ‘golden opportunity’ for adding to their nest eggs and planning for a comfortable retirement.

The lender added that people who have recently taken out mortgages, or are yet to do so, may find it far harder to save for retirement than previous generations.

Reza-Attar Zadah, director of savings & investments at Santander, said with many over the age of 55 only saving an average of £88 each month, the pressure to continue working later in life is mounting.

He added that for many people the period when they are still in employment but mortgage-free represents a golden opportunity to get some cash in the bank and prepare for retirement.

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“This window has more than halved since the 1960s and the opportunity to save is getting smaller and smaller. Our advice to people is to start saving as early as possible, even if they put away small amounts every week or month,” he explained.