Commenting on the findings of IFA Promotion, which said that people were now saving ten times the amount they were borrowing through unsecured loans and credit cards, the investment broker said reaching such a point was almost inevitable.

“I think people are probably beginning to realise we can’t have a rosy economic outlook always,” said Meera Patal, senior analyst for Hargreaves Lansdown.

The growing realisation that current low interest rates cannot last forever is inspiring people to begin paying off their loans.

“I’d be very surprised if there was an actual increase in saving,” she said. “There is a drop in new borrowing as people pay off debt.”

“People have been borrowing so much – you have to have a turning point like this.”

The report showed a substantial decrease in personal debt proportional to savings, with consumers borrowing 10p for every £1 saved, compared with 52p of debt per £1 in savings over the same period last year.

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