Saving money is a low priority for most Britons, a new study revealed.

Prudential has found that the lack of people saving money poses a serious problem for the rising levels of national debt .

And it is not only the younger generation that puts off saving money until a later stage. The study showed that over half of people over 50 struggled with bad debt, with 45 per cent of sixtysomethings experiencing adverse credit problems .

Adverse credit problems are also experienced by four in five people aged between 25 and 34.

The younger workers still have enough time to stop borrowing and start saving, and even people approaching retirement will be able to improve their position, commented Ali Crossley, director for lifetime mortgages at Prudential.

However, where additional saving is not enough, these people need to look at other options.

Ms Crossley pointed out that even older people could improve their bad debt situation. They can boost their retirement income with Prudential's property value release plan, she said. This allows people to withdraw money when they need it.