Over half of Britons do not save regularly, according to Abbey.
Only 20m UK adults save regularly, with nearly a quarter – 23 per cent – giving holidays as the main savings priority.
Two thirds of adults questioned rely on the equity in their homes to replace long term savings, with 32 per cent of homeowners – 5.5m having already released equity from their property.
Abbey’s Savings Insight report shows that 42 per cent of UK adults is in the habit of saving regularly, increasing just 3 per cent in the last decade.
The north of England is the most prudent, topping the savings chart with 47 per cent of residents there saving regularly.
Greater Birmingham has the lowest proportion of savers with just 35 per cent of people saving regularly.
Abbey chief economist Barry Naisbitt says: “This survey shows the majority of adults are still failing to make regular savings from their income, opting to rely on the value of their property to take care of their long-term goals.
Although the proportion of people relying on the future value of their property has dropped by 5 per cent over the past year, the fact that 23 per cent are still pinning their hopes on rising house prices just to fund their existing lifestyle is a potentially worrying statistic.”