Only 27% of non-retired over-60s have made financial preparations for the risk of suffering poor health, according to research by MetLife.

It found men were much more likely than women to have taken action. Around 31% of men have made financial preparations compared with 23% of women.

However, the lack of preparation is in stark contrast with the high levels of concern expressed about how to cope financially with ill-health in retirement. Research shows 62% of non-retired over-60s are “concerned”” with 11% “”very concerned””.