Here's how much experts say you need in emergency savings. Do you have enough?

Surprisingly, perhaps, the study found that about two-thirds of UK households do have enough emergency savings built up.

People should have as much as £50,000 in emergency savings but a third of households are failing to tuck away sufficient funds, new research suggests.

The recommended amount of stand-by savings varies between just under £5,000 and just over £50,000, depending on age and circumstances, according to the latest Savings & Resilience Barometer from investment firm Hargreaves Lansdown. It suggests that people should have enough cash to cover three to six months’ worth of essential expenses as emergency savings while working and one to three years’ worth in retirement.

The study found that about 65 per cent of UK households do have enough emergency savings, but that figure falls to just 28 per cent among those on the lowest incomes. On a mean average basis, households spend £2,058 on essentials each month. Among top earners this rises to £3,360 and among the lowest earners it falls to £710.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “Life right now is like walking a tightrope. It’s difficult to find a decent balance given all the demands on you, but you should be alright, as long as you have a decent safety net.

“Building an emergency savings net is vital, but not at the expense of other aspects of your finances. It often makes sense to build up savings and pensions at the same time. If you have regular surplus income to put away, you could direct part to cash and part into a pension until you have enough set aside as an emergency fund and then start fully investing your money. Equally, an emergency fund, by its very nature, will wax and wane as it is called upon so replenishing this while continuing to invest for the longer term is completely sensible.”

Meanwhile, a separate survey from Money.co.uk has found that, on average, people are saving 12 per cent of their monthly income. That equates to an average of £234 each month. However, a quarter of consumers are saving less than 5 per cent of their monthly income, according to the survey, which had more than 2,000 respondents.

How much do you need to save? Averages per age group:

20s: £4,788 (three months), £9,576 (six months)

30s: £6,786 (three months), £13,572 (six months)

40s: £7,047 (three months), £14,094 (six months)

50s: £5,262 (three months), £10,524 (six months)

60s and over: £16,680 (one year), £50,040 (three years)

Source: Hargreaves Lansdown