Over a third of savers do not have enough money put aside to help them cope during a financial emergency.

New figures by NS&I reveal that Brits are saving less than this time last year, and many have even abandoned their saving efforts completely.

Most recent polls show that the average monthly saving amount it just £87, down from £95 in winter 2011 and £100 in spring last year.

Furthermore, 23 per cent said they are saving nothing each month, up from 17 per cent who said the same in 2011.

A quarter of those polled said they are less likely to save in the next three months and 49 per cent admitted they cannot afford to up the amount they save.

"It is worth everyone taking another look at their finances to make sure their money goes as far as possible. Why not start a log of all incomings and outgoings to help you work out a budget? This can be a useful way to keep on top of your money management," said John Prout, retail customer director at NS&I.

Brits should also consider checking out price comparison sites to ensure they are not paying too much for some services.