Such people have also been hit by the impact of lower share values on their portfolios and pension funds.

Companies simply aren't making enough profits to justify higher share values, it says.

These have increased in number but the slump in property and share values means their average worth has fallen sharply.

For years, house prices, share values and average earnings tended to go only one way: up.

The slump in share values has left millions facing significantly poorer retirements if they are not reversed.