A third (33%) of 2,000 people surveyed by Wealth at Work said they regularly cut back on spending to make sure they added to their savings.

Half (52%) of those surveyed were confident they have enough saved for emergencies, but 50% said they know they should be saving more.

Nearly half (45%) of those surveyed said they prefer to save what they have left at the end of the month, rather than have savings come out at the start of the month.

This may lead to a further drop in the amount being saved each month as the cost of living continues to rise, leaving less available at the end of the month to save.

Jonathan Watts-Lay, director at Wealth at Work, said: “It’s very concerning that people are having to reduce or completely stop their saving in an attempt to free up money to pay for ever increasing bills. Many people do understand the importance of saving, and are careful with their spending to ensure they can add to their savings, but it appears that this is a something many can no longer afford.

“It is completely understandable that employees may need to cut back on their savings, but instead it may be better for them to reduce how much they save to what they can still afford rather than stopping it completely. Saving money is a habit, and once stopped, it is very difficult to start up again.”

Opinium surveyed 2,000 UK adults between 8 and 11 April on behalf of financial wellbeing and retirement consultancy Wealth at Work.