The majority of Britons are failing to save money on a regular basis, while consumer debt is topping a trillion pounds, a new report unveils.

Almost two-thirds of Britons are not saving money every month, while one in five never put money aside, according to Bradford Bingley's Savings Report.

One in ten people say they would rather spend their cash on gadgets or holidays than on saving money.

The spending culture has certainly replaced the savings culture in the nation's consciousness, believes the head of savings at Bradford Bingley, Steve Potter.

He points out that people are more tempted to buy now and pay later as there are many attractive zero per cent interest rate deals available.

Mr Potter warns against a cash-strapped future for people who delay saving money in proper savings plans.

He urged those who are saving money to not have misplaced blind faith in their savings providers.

The Savings Report found that only six per cent of savers would definitely switch savings providers in order to get a better savings interest rate, while one in ten say they would not switch at all.

While those saving money should consider more than just the savings interest rate when they are choosing a savings account, Mr Potter warns that it is an important element when shopping around for the best deal.

Of those Britons who are saving money, only one in ten monitor the savings market while almost one in three never check savings interest rates.