Savings accounts are becoming increasing important to young workers who are faced with the dilemma of planning their finances in an economy yet to recover from the recession.

Wendy van den Hende, chief executive of the Personal Finance Education Group, noted that it was getting increasingly difficult for young people who felt their tight purse strings inhibiting their lifestyle choices.

She added: "There is so much stuff in the news about the dire state of the nation that it would be very difficult for young people not to be tuned-in to the need to be thinking about their finances."

There were a lot of things weighing down on the minds of young workers when they plan for their future or even save for a pension scheme. Of these the most popular was putting money away for buying a house. Ms Hende ruled that youngsters nowadays had to juggle their saving while trying to maintain an adequate standard of living.

Her comments follow in the wake of recent statistics published by Santander which indicate that young adults aged between 18 and 34 years of age were saving 25 per cent more than their older counterparts, aged 55 years and over, every month. The figures are also 16 per cent more than the national average.

It was also found that younger savers were putting away £134 at the end of every month while the average British worker only made a monthly savings deposit of £116.

Those on the threshold of retirement were the worst offenders with over-55s were putting away the least amount of money. Those above the age of 55 years saved £107 pounds each month while workers aged between 35 and 54 years made a monthly saving of £112.

The gender gap was also obvious when it came to savings as men saved more than women. Male savers on an average put away £139 into their savings accounts while women only saved £91 every month.