One in three savings accounts raided

Around 36 per cent those surveyed said their savings had fallen by an average of 16.5 per cent of their nest-egg.

The latest decrease in savings levels comes after a 10 per cent fall during the previous six months, according to the study by Investec Bank.

The main reason people gave for raiding their accounts was a need to cover the cost of living, cited by 40 per cent of those who withdrew money, followed by the need to pay for a significant purchase, such as a car, at 28 per cent, or a holiday, at 27 per cent.

A fifth of people said they had used the money to pay off or reduce debts.