Credit card and loan repayments are the most likely to be missed, followed by paying for childcare, and rent and mortgage payments.

With living costs soaring, the study found households are forking out £33bn collectively a month on essential bills, or £405bn each year – that’s a £1,360 burden per household each month.

A quarter of those polled are paying more than £500 a month on mortgage or rent payments, with 5% spending in excess of £1,000 just to keep a roof above their heads.

Worryingly, just under one in five admit they wait until the very last moment before paying a bill. A further one in eight predict they’ll miss another bill or pay it late in the next four weeks.

Clare Francis, editor in chief at MoneySuperMarket, said: “Given interest rates are likely to start rising next year, leading to increases in the cost of borrowing, it is a real concern that many people won’t be able to cope.

“It’s when times are tight that we need to be the most open and honest about paying bills, and absolutely not retreat into denial.”