Credit card holders in the UK spend £3,804 on credit card payments each year, or £317 every month, according to the Standard Life’s Your Commitments, Your Future report.

Meanwhile, people making monthly savings put £1,680 each year into savings and ISAs, or only £140 every month.

Standard Life calculates that if these commitments remained unchanged over a 40 year period, Britons with credit cards would spend over £152,160 on credit card payments alone. This is £84,960 more than those who make monthly savings into their savings and ISAs would have saved.

John Lawson from Standard Life said: “Some people may be using their credit cards really effectively