UK adults have on average a savings balance that is equivalent to 21 per cent of gross average annual earnings, newly-released research has shown.
According to Halifax, the typical amount people had stored away at the end of June was £5,582.
Residents in the east where found to be the best at saving, as they have an average amount of £6,369, while those from Yorkshire and the Humber have only £5,506 stored away for a rainy day.
Richard Fearon, Head of Halifax Savings, noted it is good that a "strong savings habit" is developing in the UK.
"We know that people are currently focusing on building up their savings and paying down debts," he added.
Mr Fearon went on to note those in a position to set money aside for longer periods are rightly opting to use fixed-term products such as ISAs.
People between the ages of 35 and 54 have typically saved £8,138, while over-65s have more than twice this amount with almost £18,000 set aside.