People are keen to enjoy their summer holidays, which is leading many of them to dip into their savings accounts.

A fifth of people revealed to BM Savings that they would splash out up to £500 on summer activities, while 13 per cent said they planned to spend more than £1,000.

An average of £98 is to be spent on summer drinks, while £82 will be forked out on keeping up with the latest fashions.

Head of BM Savings John Bianco commented: "The British summer is synonymous with BBQs and day trips and despite the increasing cost of the summer, it's encouraging to see Brits are continuing with this tradition."

He added that putting money into savings accounts every so often is one of the best ways to ensure these activities are affordable.

The earlier people start saving, the more cash they will have to spend when it gets to the holidays.