Many of us understand the importance of saving money, as having an emergency fund allows us a little bit of financial flexibility if the worst was to come to the worst, such as losing your job or having a drop of income.

However, Internet bank Egg have released statistics which show that one in seven of us have no savings at present and are unwilling to save in the coming months, partly due to rate cuts from the Bank of England and our income already being stretched by living costs. It seems that those of us who do save do not have too much of an understanding about our accounts, as 24 million Britons are unsure about their savings rate of return.

Dean Proctor, head of savings and investments at Egg, said: “Everyone knows the importance of saving, especially in these unprecedented times when it is essential to have a nest egg. People need to know their money is safe as well as earning a decent rate of interest.”