Only half of British workers could live off their savings for four months if they were made redundant, which is the average time that a person would be out of work.

Research by online bank Egg shows that the average person would need a minimum of £1,077 to meet their essential bill payments and excluding any luxury items. This figure reached £1,476 for those living in the South West, down to £952 for those living in Yorkshire.

Head of Consumer Banking and Investments, Tobia van der Meer says: “As a rule of thumb, it has long been considered sensible for families to have cash savings of at least three months income, for any of life’s emergencies.”