Annie Shaw, editor of CashQuestions.com, highlighted that people need to be sure they are getting the best returns on their money.

She explained that with the level of inflation as high as it is, individuals may not be getting the best interest rate on their saving accounts as they generally pay less than the rate of inflation.

"I think we are going to see a further turn towards people saving and not taking out credit because they're so unsure about what the future might bring," predicted Ms Shaw.

Earlier this week, research from Clydesdale and Yorkshire Banks found that 28 per cent of people in the UK are now putting more into their savings accounts than they did a year ago.

Furthermore, 18 per cent said they had told their partner about the account, but had not informed them how much is in it.