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    Consumers are starting to realise they will need a "savings cushion" in order to weather the economic climate, it has been suggested.

    Ideally, people should have savings which are the equivalent to three months’ salary, recommended Ed Bowsher, head of consumer finance at lovemoney.com.

    "If you’ve got a job at the moment, times actually aren’t so bad, but everyone is just a bit worried about their job so they are saving just in case the worst happens," he continued.

    People may find they are more inclined to save when the interest rate improves, as they will find that banks are offering them a more attractive return on their investments.

    According to the Office for National Statistics, the household savings ratio, which measures the amount of disposable income households save rather than spend, stood at three per cent during the first quarter of this year.

    This is an increase from four per cent in the final quarter of 2008 and up from -0.8 per cent during the same quarter last year.

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