According to Santander, groceries, insurance, clothing, mobile phone contracts and holidays among others are being keenly compared by the average consumer for the best deals.

Women appear to be better at hunting down those bargains, especially when it comes to groceries where 40% of women compared to 33% of men say they usually get the best deal and clothing, where it’s 31% compared to 22%.

Keith Moor, Director of Brand and Communications at Santander, says, “Our research has shown the flip side to the doom and gloom associated with a recession as many people are actually reaping some pretty significant financial benefits by shopping around for the best deal.

The study also highlights the difference between different parts of the UK. Those living in Birmingham save on average £528, whereas consumers in Leicester pocket only £240 on average.

The internet has helped aid people’s ability to save more money, with 25% of people saying that they use price comparison sites, money-advice and voucher websites to find the best deals.