The average person in the UK dedicates more of their time to spending rather than saving, latest Standard Life figures show.

UK adults with credit cards spend £3,804 on payments each year, which equates to around £317 every month.

This compares to £1,680 being put away in savings accounts and Isas every year, which is the equivalent of around £140 every four weeks.

Standard Life's John Lawson commented: "Some people may be using their credit cards really effectively, paying them off each month and not splashing out on nights out or designer items that they really can't afford."

He emphasised that people need to set their priorities straight and work out how they can manage their money more effectively, otherwise debts will continue to mount up.

Results of the survey showed that 44 per cent of people make monthly payments into savings accounts and Isas, while 51 per cent make monthly credit card payments.