52% of Britons surveyed by BM Savings say they are concerned about the impact inflation may have on their savings.

BM Savings’ latest quarterly Saving Britain research also found that 69% of savers over the age of 65 were worried about inflation however, only 30% of the young (18-24) were concerned their savings would be affected.

The average amount people saved in the past three months fell from £768 to £754 and the average amount people raided from their savings account in the past three months also fell, from £1,873 to £1,750. The most committed savers were 35-44 year olds who managed to save an average of over £1,100 in the past three months, compared to savers aged 45-54 who managed to save an average of £469.

John Bianco, head of products at BM Savings, said: “As we head into summer