While almost nine in ten people (87 per cent) said that it was important to have an emergency fund to protect against unexpected costs, just half of the population had two months’ wages – a total of £4,308 for the average Brit – saved in case of an emergency.

Over a third have less than one month’s income of £2,154 saved.

These results are much in line with last year, according to Lloyds, despite a sharp fall in the number of people who say they don’t save because there simply isn’t the money. Just under a third cite a lack of spare cash as the primary reason they don’t save, down 11 percentage points from the third quarter of 2013.

The number of people able to save regularly throughout the year – 26 per cent – has remained stable from previous quarters. Some 30 per cent of Brits say that they haven’t been able to save at all.

Two thirds of people say they expect to save more over the next 12 months, up two percentage points from this time last year, while just under a quarter think they will save less or stop saving altogether in the coming year.

Philip Robinson, Lloyds Bank savings director, said: “Although confidence in the economy is improving, one in three of us still have less than a months’ income in savings. People do recognise the importance of saving and if they are able to get in the habit of putting away small amounts each month, the rainy day savings pot will grow as their circumstances improve.”