Two in three (64%) households that currently save have either already decreased or stopped their savings habit altogether, or expect to have to do so, due to increased living costs.

A new consumer finance survey carried out this month suggests that 32% of people have cut back on saving due to the cost of living crisis.

NS&I is to increase rates on many of its savings products in a move it says will benefit more than 1.3m people. 

Over two in five (42%) of UK adults have reduced or stopped regular savings due to the increase in the cost of living, according to a new report.