More householders are in need of cheap energy tariffs as they face a squeeze on their finances, research has shown.
A survey of 2,000 adults found one in four (23 per cent) people use their personal savings to pay off household and utility bills as a result of rising unemployment and the spiralling cost of living.
A further one in five (21 per cent) dip into their savings to fund luxury purchases, such as holidays, which could suggest many people see their savings as something other than a rainy day pot.
Kevin Mountford, head of banking at the website which carried out the research, commented: "Many Brits are clearly feeling the pinch more than ever and are being forced to use their savings to pay for everyday household living.
"With the cost of living soaring it is difficult to balance the books and many people will be tempted to dip into their savings. However, it is important to have some savings put aside in case your circumstances change suddenly," he added.
Householders might want to compare energy deals to see if they can shave off money on their utility bills.
If you want to find out more about switching energy suppliers and how you could save up to £468 in minutes, click here.
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