According to some new findings from Abbey, people could avoid having to get an IVA or Individual Voluntary Arrangement, simply by using their savings for debt instead of large purchases.
With the number of IVAs still increasing year on year, Britons are still saving to make large purchases instead of putting money away for a rainy day.
Of the people the Abbey asked 34 per cent say they are saving for a luxury holiday, 15 per cent are saving for a new car and another 15 per cent for home improvements.