People in the UK who spend more of their time fretting about their finances rather than planning what to do with their money, are saving significantly less than those who concentrate on managing their money, according to research from NS&I.

It claims that ‘worriers set aside an average of £53.47 a month, while ‘planners’ save nearly double (£104.39).

NS&I calculates that over the course of a year planners are putting away over £600 in extra savings, more than enough to pay off the average gas and electricity bill for six months.

41% of those who worry about their finances at least once a year spend more time worrying than planning what they should do with their money.

Meanwhile, 10% of those who worry about their finances at least once a day, check their finances only once a month.

25% of people say they feel guilty when they overspend through lack of planning.

John Prout, NS&I savings spokesperson, said: “Britons seem to be getting into a cycle of financial fret. Time is spent worrying instead of focusing on money management and finances suffer as a result, causing more stress.

“By planning ahead and taking active steps, we can take more control of our money and work towards saving. So if you’re getting money worries, take some time out to review the situation and take action.”

23% of those who take active steps to check their finances regularly monitor different savings accounts to ensure they are getting a competitive interest rate. Similarly, 23% have a direct debit set up from their current account to a savings account.

17% keep a daily diary of expenditure and 16% withdraw a set allowance of money each week from their bank account.