A new survey by the government-backed Money and Pensions Service (MAPs) suggests that more people are saving despite the cost of living crisis.

Recent Bank of England figures also show a recent trend towards a savings recovery.

AJ Bell analysis of Bank of England data highlights a £3.1 billion inflow into savings accounts in June – compared with £3.4 billion in withdrawals in May.

According to the MAPS survey of Britain's savings, a third of people are managing to save for unexpected expenses and many are also beginning to save again for special occasions, holidays and day trips. 

The MAPS figures suggest that more than 30 million adults across the UK are saving despite the cost of living challenges.  

Previous surveys found many cutting back on savings or withdrawing money from pensions to make ends meet.

MAPS survey of 2,236 adults, carried out by Ipsos, found that two thirds (65%) of consumers said they had been putting money into savings in the past six months. 

Over a third (36%) said they were saving for a rainy day and three in ten (30%) said holidays and day trips were their reasons for putting money aside. One in five (19%) said special occasions were the reason, while 16% said “something else.” 

The research also found that 18-24-year-olds were more likely to say they had been putting money aside than any other age group, with four in five (80%) saying they have done so in the past six months. 

MAPS provides a range of guidance and support services on personal finance to consumers including its MoneyHelper service.

Overall, many people have moved back to saving rather than withdrawing funds, AJ Bell analysis of the latest Bank of England Money and Credit data found.

Laura Suter, head of personal finance at AJ Bell, said: “The government and Bank of England will be breathing a sigh of relief that the huge withdrawals from savings accounts that we saw in May weren’t replicated in June.

“While households withdrew £3.4 billion of money from savings accounts in May, there was a huge turnaround to £3.1 billion of inflows in June.

"Part of the Bank’s plan to reduce inflation is that people are nudged to save more of their money rather than spend it, meaning May’s outflows were their worst nightmare. But this year has taught us that the data can change on a knife edge, so Rishi Sunak will be wise not to rejoice too enthusiastically just yet.”

Fixed rate accounts did well with £6.6 billion deposited in June as rates climbed but the data also shows that the amount in accounts paying nothing increased from £250 billion to £270 billion. NS&I also saw outflows in the period as competition for savings intensified.