An equal 24% said they’re concerned about how they’ll pay utility bills and rent/mortgage while 23% said they worry about having to borrow money from family and friends.

For 22%, not having enough money to go on holiday is a big financial fear, though 16% said their biggest concern is not having enough money to eat.

The research from MoneysuperMarket revealed a quarter of people regret not saving enough money as two in three would struggle to cover a major unexpected household bill.

A third said it would be difficult for them to pay for a broken-down boiler and 31% said they would struggle to pay for a broken-down car.

To cover unexpected costs, almost half (45%) would have to dip into their savings and a quarter (26%) would have to pay with a credit card. One in 10 (12%) would take out a bank loan and a further 5% would take out a payday loan.

Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, said: “It’s never too late to start saving and there are a host of deals available. If you’re looking to open a savings account, it’s worth doing your research to make sure you have the right account for your needs.

“If you’re strapped for cash, there are immediate ways to make savings. Consider looking at your existing household bills – if you haven’t switched in a while, you could be missing out on some serious savings. By switching your provider, you could save up to £238 on your energy bills and £250 on your car insurance alone.”