More than one in four (28 per cent) say they are saving less than this time last year.  This is compared with only one in five (20 per cent) who are saving more. The sharpest fall was among millennials, with a third (33 per cent) of those aged 25-34 saying they are now saving less than they were a year ago.

Wider economic and political events, including Brexit, over the past year are also having a bearing on savers’ confidence. A fifth (21 per cent) admit Brexit has made them more cautious and changed their attitude towards risk. Elsewhere, savers are prioritising short-term purchases over long-term saving – 23 per cent are saving towards a holiday and 16 per cent are saving for a new car, compared with just 15 per cent saving towards retirement.

The findings from the study also revealed that despite ISAs being the previous go-to option for savers, just a third (33 per cent) of people are using ISAs for long-term savings. Interestingly, one in five (22 per cent) are using their current account to hold their long-term savings, further evidence that people want access to their money quickly and easily, rather than locking it away.

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