More bank account holders 'are managing to save regularly'

More bank account holders are now saving regularly - but one in eight still do not have a "rainy day" pot of cash they can access quickly, according to research.

More than a third (37%) of people surveyed in April say they are saving at least once a month - up from 31% when a similar study was carried out in November 2017, the Lloyds Bank Savings Report found.

Over three-quarters (76%) of those surveyed have saved some money in the past 12 months - and one fifth (20%) expect to be in a position to save more in the next year.

But 12% of people do not have any savings they can access immediately, the survey of more than 2,000 people across the UK found.

Over a third (36%) have less than three months' worth of essential spending in savings.

Nearly half (47%) of people feel anxious, worried or insecure about the amount of savings they have, with 56% unhappy with their current level of savings, the survey found.

The average amount people said they had squirrelled away in the past month was £442.

Just over a third (34%) of people had managed not to dip into their savings over the last 12 months.

Paying for a holiday, covering unexpected bills and day-to-day living costs were the most common reasons why people had dipped into their savings.

Mark Rawcliffe, head of savings, Lloyds Bank said: "It's really encouraging to see such an increase in the number of people being able to save regularly.

"However, if people are anxious about the amount of savings they have, even just saving a small amount each month can make a significant difference and can help if any unexpected outgoings are required."