The Coronavirus pandemic has changed the savings habits of UK individuals with 40% now putting money aside, according to a new report.

Think-tank The Social Market Foundation has called for the tax-free ISA allowance to be cut with the money saved used to reward saving by young people on low incomes.

More than 1 in 4 financial advisers (27%) taking part in a PFS straw poll said clients had reduced the amount they were saving and spending due to concerns about the impact of the Coronavirus pandemic.

NS&I is to make sweeping cuts to most of its savings products from 24 November.