People are saving less as they try to meet the cost of living and pay off their debts.
Home owners should review their outgoings and prepare for another tough year.
Average savings in the UK have fallen by £100 due to the high cost of living and rising fears of unemployment, shows ING Direct research.
According to the study, current average savings stand at £1,783, which is £100 lower than the figures recorded during the same period last year. A significant 12% drop in savings has been recorded over the past two years highlighting the struggles faced by many British households.