Almost one quarter (23%) of 50 to 64-year-olds were forced to raid their nest eggs to pay for bills last month, compared with one fifth (20%) of consumers generally, a survey by Which found?
The research was conducted just before a wave of energy giants announced bill hikes. Centrica-owned energy giant British Gas recently announced it was hiking electricity bills by 10.4% and gas tariffs by 8.4% - affecting 7.8 million households - while SSE said it was hitting seven million customers with an 8.2% rise.
A combination of Government green levies and rising energy costs have been blamed for the increases.
The Which? research, conducted in September, found that 50 to 64-year-olds were most likely to be using their savings to pay for food or a household bill.
Which?'s analysis of the Office for National Statistics' Living Costs and Food Survey found that the average household saves £5.20 per week, or £270.40 per year.
Which? executive director, Richard Lloyd, said: "Our research paints a worrying picture of consumers vulnerable to financial shocks and unable save for retirement, with the rising cost of living forcing them to dip into their savings to pay for essentials like food and bills."