Only 36 per cent of people aged under 50 save regularly, according to the latest Nationwide UK (Ireland)/ESRI Savings Index.

This compares to 41 per cent of those aged over 50 and a national average of 38 per cent.

There was an 11-point decline in the index in February. The factors driving the weakening of the index in February were a reduction in the percentage of people saving regularly from 40 per cent to 38 per cent and an increase in the percentage of people who were not saving at all from 25 per cent to 27 per cent.

The survey indicates that 63 per cent of people in the under-50 age category believe they are saving less than before.