Will 'suffering savers' turn to equity release ?

There are currently no savings accounts that pay enough interest to offset the effects of inflation and taxation, according to moneysupermaket.com.

This could lead a number of retired people to look into an equity release schemes as a way of boosting their finances.

Earlier today it was revealed that inflation measured by the retail price index had increased by 4.4 per cent in the 12 months to March, up from 3.7 per cent in February.

Kevin Mountford, head of banking at moneysupermarket.com, said: "Over the last few months we have seen inflation rise and fall and it is becoming increasingly difficult for savers to keep an eye on the best way to offset the effects of inflation on savings."

The expert also predicted further rises and said this would not be "good news" for savers.

Expats who still own a property in the UK and are concerned about the returns their savings can generate in the current market could receive a regular income taken from the value of their property assets with a lifetime mortgage.