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Home insurance customers are finding it more and more difficult to carry out essential repairs owing to a lack of funding, it has been found.

According to a recent piece of research conducted by Saga Personal Finance, 34 per cent of Britons over the age of 50 years claimed that their homes were in need of urgent repair. However, 15 per cent of this group reported that they were not able afford these necessary renovations.

Fifty per cent of those surveyed claimed that they would be dipping into their savings to carry out the maintenance. A third of the respondent mentioned pension schemes as a source of possible funding.

It was also found that women were particularly badly hit, with one in five having to sit it out as their home crumbles around them.

Roofing was the biggest concern among homeowners with 16 per cent of the votes. Drainage and guttering was the second most important complaint and received 13 per cent of the votes cast.

Andrew Goodsell, executive chairman of Saga Group, pointed out that the longevity enjoyed by most retirees was putting an added strain on the pension savings of most people.

He added: "For many equity release is the ideal solution to this, however until now the market has not listened to people's needs and providers insist on charging hefty fees upfront, which prevent many people from being able to access their money."

Another recent research carried out by retirement solutions provider Aviva found that most people were being forced to dip into their retirement savings when faced with unexpected expenses.

On top of this, it was found that 64 per cent of workers at the threshold of retirement were becoming increasingly concerned about the rising costs of living. They were also worried that would be able to pay for adequate healthcare in old age.