People need to set up direct debits to their savings accounts if they are going to commit to putting aside a certain amount each month, one expert has suggested.

Justin Modray, owner of financial website candidmoney.com, explained that many consumers are reluctant to put money into savings accounts because of the poor interest rates they offer.

"To work out how much you can afford to save, work out an approximate monthly budget and try to stick to it, if necessary trimming back on a few luxuries," he continued.

Mr Modray emphasised that many banks and building societies will entice people with attractive introductory rates that are later slashed, so it will pay off to stay on the ball.

On average, a British family has £1,163 in savings and investments, recent figures from Aviva show, which marks an increase from £849 at the start of 2011.