Almost three in ten (29 per cent) of those saving for a specific purchase such as a wedding, car or holiday say they have decreased the amount they are putting aside or have stopped altogether

According to a survey, about a third of people who are saving money to purchase a home have had to cut back on their savings or stop making deposits altogether because of the growing cost of living.

According to TSB, 83% of respondents said they are concerned about their own finances in general.

And while 32% have had a negative impact on their funds for a down payment on a home, other financial objectives are also being impeded by rising bills and food prices.

A little under one-third (29%) of those who are saving for a specific item, such as a wedding, car, or vacation, say they have cut back on their savings or given up entirely.

A slim majority (25%) or 28% of people are concerned about not being able to save enough money for retirement.

Nearly half (49%) of those polled expressed concern about rising fuel and energy prices, while 24% expressed concern about how they would pay for household groceries.

“This data reveals the widening gap between robust households with good rainy-day funds built up during the pandemic, and others with no savings who are struggling to get by,” said Carol Anderson, director of branch banking at TSB.

In June, a poll of more than 5,800 persons from 18 to 75 was conducted across the UK.

According to separate research results that were published, 50% of households were concerned about their ability to pay their gas or electricity bills over the next three months.

The research was commissioned by the abrdn Financial Fairness Trust and was examined by a team at the University of Bristol.