Around 5.5million people - 13 per cent of the adult population - have no money set aside as an emergency or 'rainy day' fund, with a third having just £200 saved.

As many as 53 per cent of households don't have the minimum recommended savings in order to cope with unexpected costs such as boiler breakdowns or home repairs, data from heating installation firm Boxt shows.

It is recommended that an emergency fund should equate to at least three months' take home pay, with many experts recommending the equivalent of six month's' salary. Based on the average UK salary of £34,963, this would be around £7,000.

Despite this, the average emergency fund as of September was just £1,983, accounting for just 28 per cent of the recommended minimum for the average salary.

Among younger homeowners aged between 25 and 34, almost a quarter said they have less than £50 to fall back on.

While those in their late fifties and early sixties prove more secure, the average 'rainy day' fund was just £2,481, still far short of the recommendation.

Similarly, those in the East Midlands have the highest average savings pot at £2,381, compared to an average of just £1,474 in the North East of England.

Some 26 per cent of people in the North East said they have no money set aside at all.

Ryan Gill, lead engineer at Boxt, said: 'In these challenging times, we know that saving for a rainy day feels harder than ever. Rising costs and daily pressures make it tough for many to put anything aside. But without a small buffer, unexpected expenses - like repairs or a sudden bill - can quickly become overwhelming.'

Failing to set aside money for emergency costs could see people ill-prepared to cover essential repairs or replacements of boilers and white goods this winter. 

However, 36 per cent of Britons said they aren't aware that they should save at least three months' wages, with the average household having overspend by £360 over the summer, dipping into their savings to do so.

Even so, 41 per cent of homeowners said they are taking, or plan to take, steps to ensure that they can deal with unexpected costs, such as by increasing the amount they save each month.

Women are on the back foot

Almost one third of women save less than £100 per month, data from Schroders Personal Wealth reveals, compared with just 15 per cent of men saving the same amount.

Similarly, as little as 10 per cent of women said they managed to save more than £700 per month, compared to 19 per cent of men.

Government data shows that women earn 7.7 per cent less than men on average. However, this gap extends beyond just earnings, in turn preventing women from saving and investing to the same extent as male counterparts.

Added to this, more than half said their main barrier to investing was a lack of extra cash, with only 26 per cent of women investing through a stocks and shares Isa compared with 45 per cent of men.

Just 40 per cent of women are confident that their pension will be sufficient, in comparison to 59 per cent of men.

Katie Nutting, financial planning director at Schroders Personal Wealth, said: 'Addressing gendered financial disparities requires systemic change – but individual actions can help. From small but consistent savings to investment options, there are practical ways which aim to enhance women's financial security, even in uncertain times.'