At the other end of the spectrum, just 10 per cent of Italians added to their savings last year while 60 per cent of Romanians have no savings at all to speak of.

Behind Britain, those in Netherlands were the next most likely to have added to their savings pot last year, followed by Germany, Luxembourg and Austria.

Taking Europe as a whole, the rate of saving remained similar to levels recorded in the last survey, which suggests a steady state of saving.

Overall, the survey painted a picture of stability across Europe as neither personal savings nor debt positions deteriorated from the levels recorded last year.

On average, 30 per cent of Europeans said their savings decreased over the last 12 months with Italian and the French hit hardest, at 42 per cent and 39 per cent respectively.