Almost half of Brits are concerned about the impact of inflation on their savings accounts, leading them to avoid putting cash away, a new survey has found.

Saving Britain research from BM Savings shows that 69 per cent of people over the age of 65 are concerned about inflation, compared to just 30 per cent of those ages 18 to 24.

It revealed that the average amount put in savings account has fallen by £768 to £754 over the past three months, while the amount withdrawn declined from £1,873 to £1,750.

John Bianco, head of products at BM Savings, commented: "There are many great rates at the moment for those looking to get the most out of their savings pot, including our inflation tracker bonds for those concerned about the effect of inflation on their savings."

He also urged people to put money away little and often, especially if they are saving for a long-term goal.