A new consumer survey has found that more than 45.5m UK consumers have less than one month’s salary set aside in savings.

The UK-wide survey by merchant services provider Paymentsense, which took place in July and saw 1000 people of all ages take part, also found that 30% of people have failed to set any savings aside for a rainy day.

The survey’s findings also revealed that more people are using their savings for holiday planning rather than retirement planning.

Some 21% use their savings to pay for a holiday, while just 17% used money they had saved for their retirement. Personal expenses were the third highest source for people’s savings, while just 9% save for their children’s’ futures.

More people are also using their credit cards, with Paymentsense’s research finding that over 66% own more than one credit card and almost 80% use one of these cards as a means to backup their expenses.

The survey also asked people about their relationship with money as a child, with 32% saying that as children, they were always taught to never spend more than they earn. A further 23% said they were always told to take first care of commitments and bills, while 12% were taught to save a small portion of their savings.

A spokesperson for Paymentsense said: “There’s no denying it - it’s harder to save now than it’s ever been and as a result many of us are falling back on credit cards and loans to keep ourselves in the black.

“With many of us reflecting on our childhoods and wishing we had taken heed more around advice to budget more, refrain from buying things we can’t afford and save more, maybe it’s time to reflect on the size of our rainy day fund and top it up a little.”