According to a new survey, 85% of Brits confessed to blowing money on things they will never use or need in the past five years, around £1.2bn a year or an average of £129 each.

Kitchen gadgets, unused clothes and shoes, fitness equipment and subscriptions or memberships have all swallowed up hard earned cash for little or no return.

Some people bought doughnut makers, chocolate fountains and electric carving knives that they have never used. 

Graham Vidler, director of communications at National Employment Savings Trust (NEST), said: “We’ve all bought things that just end up gathering dust at the back of the cupboard.

“It’s easy to feel guilty about wasting money when you don’t end up using what you’ve paid for, but your unused goods could turn out to be hidden treasure if you sell them on to someone who needs them.

“By putting the cash into your pension, you could potentially triple your money over the long term. Then rather than feeling guilty, you’ll be de-cluttering your cupboards and investing in your future peace of mind at the same time.”

However, not everyone is leaving their unused items to gather dust. Some Brits are conjuring up thrifty ways to save and make a little extra cash by selling unused goods.