Savings fail to counter financial commitments

The alarming findings reveal that 38 per cent of Britons have no savings whatsoever, while just 30 per cent have more than £3,000 put to one side should they suffer a loss of income.

However, if this was to happen, the average financial commitment of £954 per month could see many people plunged into debt worryingly quickly.

Nigel Brittle, of Combined Insurance, said: “Our health and our ability to work and earn a living are probably our most important assets.

“The modest amount of savings put aside by millions of Britons shows just how seriously a loss of income could affect us and our families.”

Those in their 20s are the worst offenders for having insufficient savings, with 48 per cent having nothing set aside in case the worst should happen.