Research by moneysupermarket.com suggests saving is often used as a form of therapy, yet it has little therapeutic effect on your finances.

According to the data, 35% of those with debts they pay interest on say they also save - because it makes them 'feel better'.

Kevin Mountford, head of savings at moneysupermarket.com, says: "I'm not surprised to hear people in debt saying that saving too makes them feel good. These 'Jekyll & Hyde' savers are driven by the peace of mind that comes from squirreling some cash away.

"It’s not a bad idea to have something set aside for a rainy day or an emergency, with the general rule of thumb being around three months’ salary.

"But savers should always consider their whole financial scenario before putting too much money away, especially if they have debt they are paying interest on.

"Certainly, with loans hovering around 7.9% and credit cards at 15.9%, it's absolutely essential you have your savings in an account paying at least 6%.

"People also need to beware though of accounts that drop their interest rates if certain conditions aren't met. Making withdrawals or not keeping your balance within a particular range can prove costly with these accounts."