One in eight people do not have a 'rainy day' fund they can access quickly, new research shows.

More than a third (37%) of people say they are saving at least once a month, up from 31% when a similar study was carried out six months ago, according to the Lloyds Bank Savings Report.

Just over three quarters (76%) had saved some money in past 12 months – and one in five (20%) expected to be in a position to save more in the next year.

However, 12% of those surveyed do not have any savings they can access immediately.

More than a third (36%) have less than three months' worth of essential spending in savings. Some 56% are unhappy with their current level of savings and 47% are actually worried or anxious by the amount of savings they have, the survey of 2,000 people 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 at 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.'