Millions of UK adults have no savings leaving them open to higher risk from unexpected spending and bills, according to new analysis from Santander UK.

Although the average person saves £150 per month - a collective £81.8 billion a year - almost a fifth (18%) save £50 or less and 10.3 million (20%) save nothing at all.

Key findings from the study include:

· The study reveals that 52 per cent of people wish they could save on average an additional £388 each month

· The most popular way to put money aside is in a savings account (53 per cent) followed by a Cash ISA (27 per cent)

· Many Brits overlook investing with only one in 10 (12 per cent) saying they invest and utilise Stocks and Shares ISAs

· Half of Brits (53 per cent) wish they had received more money advice at a younger age, rising to two thirds (66 per cent) for those aged 18 to 34, and decreasing to 42 per cent for those aged 55 and over

· A quarter of UK adults (26 per cent) wish they had been taught more about investments and 21 per cent about budgeting, while almost one in five (19 per cent) wish they had received more advice about the different savings options available to them

· More than three quarters of UK adults (78 per cent) believe that being “good with money” is a learned behaviour compared to 13 per cent believe that being either good or bad with money comes naturally

· Over two fifths (43 per cent) revealed their parents had been their biggest influencer on their money and savings behaviour compared to one in 10 (11 per cent) who mentioned their partner as their biggest influence · Almost two thirds of Brits (64 per cent) say that their friends or family would describe them as being “good with money”.

Of these, almost three quarters (73 per cent) pay all their bills on time, half (50 per cent) seek out promotional offers rather than paying full price, 44 per cent keep an eye on their bills to see if they could be getting a better deal and 38 per cent pay off their full credit card balance at the end of each month

· Of those who claim they are “bad with money”, 59 per cent say they run out of spending money before payday and 30 per cent have a lump sum of debt sitting in their account that doesn’t get paid off

· Most people say they are saving to increase their buffer pot (44 per cent) followed by a holiday (34 per cent) and to pay unexpected bills (26 per cent).

A fifth (22 per cent) aim to top up their retirement pots and a further 14 per cent are saving for a home