A considerable number of people across the UK are failing to put money aside in savings accounts, latest figures from the Consumer Credit Counselling Service (CCCS) show.

They reveal that 4.3 million households do not have any savings at all, while 1.1 million have less than £1,000 of cash set aside.

As a result, they find themselves relying on credit for any unexpected purchases, meaning consumers are finding themselves dealing with debt.

Delroy Corinaldi, CCCS external affairs director, commented: "Low savings leave many families financially vulnerable and unable to deal with unexpected expenses without resorting to credit."

He stressed that people should have at least three to six months' worth of savings just in case they have to fork out for something unexpectedly.

However, the CCCS acknowledged that high inflation and changes to benefits will make this very difficult for many people across the UK.