Millions would be broke in less than a month if they had to rely on savings

Millions of Britons would last for less than a month if their main income source disappeared.

Figures from Yorkshire Building Society show that more than one person in four (26%) would see their entire savings wiped out in that time if they were forced to rely on them alone.

Some wouldn't even last a week - with one in six (15%) saying they have no savings at all.

Mike Regnier, chief executive of Yorkshire Building Society, said: "Our research highlights just how fragile many people's finances are.

"While it can be hard for people to put money away, we mustn't overlook the social pressures people come under to spend rather than save."

Is there enough cash for essentials? (E+)

Typically, experts recommend having at least three months' worth of essential outgoings put away, in case you suffer an income shock such as a job loss.

People earning relatively large amounts of cash were nearly as likely as lower earners to say they would run out of cash in three months.

Two in five (43%) of those making more than £100,000 a year said that without a job they would not be able to cope for longer than three months, compared with 48% of workers at the bottom end of the pay scale earning less than £15,000 a year.

Where the money goes

What's pulling out savings down (PA)

Nearly half (49%) of those questioned said they felt pressure to spend as a result of what they see on social media, and a third (33%) said they need to spend to keep up with family and friends.

Two-fifths (43%) regularly make impulse purchases they later regret - and it's not small purchases either.

Some 14% said they'd spent more than £500 in the past year that they now wish they had saved instead, the poll of more than 2,000 people found.

Building up your nest egg

How to make your savings bigger (Barclays)

To try and get yourself in the right headspace to build up your savings, Pete Brooks, head of behavioural finance at Barclays, has the following tips for young Brits:

1. Having a goal in mind makes saving simpler. As you see your savings pot grow, so will your excitement for the goal ahead.
2. Consider telling friends and family about your savings goal to help you keep your resolve and provide extra support if your willpower wanes.
3. Work out what triggers your discretionary spending so you can avoid the situation. This could be by changing your daily route so you do not go past a cafe that always tempts you to splurge, or saying no to situations where you know you will spend more than you are comfortable with.
4. Start by making one or two spending changes and slowly add to them as they become a habit.
5. Do not cut out everything you enjoy. For example, try combining paid-for individual gym classes with free activities like a local running club.
6. Try setting a standing order up so when you get paid some of it instantly goes into a separate savings pot, keeping it safely set aside for future goals.
7. Make the most of accounts which could boost your savings goals. For example, if you are saving for a first home consider a help to buy ISA or lifetime ISA.
8. Consider paying in cash. It could make you more aware of what you are spending.