The savings culture in the UK is not as strong as it has been in the past, a financial expert has said.

Many people start in their first job with the intention of putting money into their savings accounts, which is not always possible, noted Richard Sorsky, a money advice co-ordinator at the UK InsolvencyHelpline.co.uk.

He continued: "[The] internet is expensive [and] people are spending more money on travel - everyday living expenses have gone up so much now that often it's impossible to save."

Mr Sorsky highlighted that people often see receiving their pay packets as an excuse to go out and spend, rather than making do with the items they already had.

On a month-by-month basis, this takes its toll on the amount of cash that can be put in savings accounts, the expert added.

More than three-quarters (76 per cent) of Britons recently said they are worried about the economy and their financial position in an HSBC survey.