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Alliance & Leicester has conducted a survey into the nation's saving habits in the credit crunch.
Many Britons have failed to put by a single penny over the past year, as the financial crisis eats into their budgets.
This is the finding of a new Alliance & Leicester (A&L) study on recent savings habits in the UK. Around one in seven poll respondents said that they had not saved at all, while one in five responded that they were unhappy with the current small size of their savings.
Even more disturbingly, one in three told A&L that they had dipped in to their savings over the past year in order to meet essential living costs. Personal finances have been squeezed by the crisis over recent months, with job losses on the rise and cheap loans largely being withdrawn from the UK high street.
There was some happy news from the A&L survey, however. Of the 64 percent of Britons who put money by regularly in 2008, 21 percent feel "shaken" by the financial crisis and "want to build up" their savings for the future.
Hetal Parmar, manager for savings at A&L, said: "At the end of a rollercoaster year, it's encouraging to see a good proportion of Brits developing a disciplined savings habit by saving regularly. What's surprising is the number of people who still haven't put any money aside and aren't concerned about it.
"I would urge them to follow the example set by the majority by building a nest egg for themselves. This will provide a safety net during 2009 and beyond."
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