Expensive living costs means that 4.8 million people cannot afford to save for their future. And more worryingly 50% of those who can afford to set aside some cash, end up withdrawing the money shortly after depositing it.

Research by the Post Office confirms that after forking out for more expensive, petrol, fuel and energy bills, 17% of the people polled have no cash left at the end of each month. It is becoming increasingly impossible for those on an average salary to even think about making any savings contributions.

The Post Office’s Director of Savings, Richard Norman said: “Millions of people are missing out … and have to live without the security of having a ’savings safety net’ if they ever found themselves in financial trouble.”