People in the South West are the second furthest behind in terms of the savings they need to have according to Money.co.uk

It is recommended they should have £25,401.80 with childcare set aside for a six-month period. On average, people in the South West have approximately £7,140.18 already saved, meaning a family with children would need an additional £18,261.62 on average for six months of living; a 72% deficit.

Finance expert Salman Haqqi comments:

“Britain is currently in the middle of a cost-of-living crisis, meaning that having a little extra tucked away in the bank is more crucial than ever to help a growing number of Brits get through to the end of the month.

“Consequently, a growing savings account is hard to come by, and most people will struggle to have huge numbers sitting around in bank accounts with low interest rates. Nevertheless, having a safety net in the case of emergencies such as job loss could save your life in the future.

“Here are some tips to help you start saving, no matter how small the amounts:

Set savings targets –many banking apps have reminders and goals built in that you can use to help you save.

When you make a conscious decision to forego a treat, put that money straight into your savings – skipping a cup of coffee or slice of cake every so often means an extra few pounds can be put away for saving.

Consider selling items you don’t use anymore to bolster your savings account – use websites such as eBay and Vinted to sell old household items that you don’t need anymore. This money you wouldn’t have had otherwise can go straight into savings.”