This is compared to the 7.42 per cent in the summer of 2013 and 8.21 per cent in the spring of 2014, according to figures by NS&1.

The amount saved now averages £101.66 on average.

The drag is driven largely by women as men now save more as a percentage of their income, in contrast to the first half of 2014. In pounds and pence both men and women are saving more than a year ago.

Those over age 65 are able to save the most money each month, putting away £128.33, while 16 to 24 year olds save just £80.58.

Julian Hynd, retail director at NS&I, said: “Over the summer months there was cause for concern as the consistent rise in savings we’ve seen over the last year came to a sudden half. With Christmas on our doorstep and an interest rate rise predicted for next year, it’s essential we regularly review how much we can put aside in savings.

“It’s also important to review now the personal impact interest rate rises may have, and if necessary take steps to make sure that an increase in payments, including mortgages, is affordable.”

According to NS&I’s figures one in five people have less than £1,000 in savings and 16 per cent have nothing at all.