James de Sausmarez, director and head of investment trusts at Janus Henderson, commented on the findings.

He said: “UK savers are squandering the opportunity to earn tens of billions of pounds extra in income on their savings.

“In my view interest rates are set to stay low for a very long time, so there is no light at the end of the tunnel for cash.

“For every one of the last thirteen years, shares have provided a better income than cash. But even years of ultra-low interest rates have not deterred savers from stowing away a record amount of it.

“Indeed, the amount of spare cash idling unproductively in bank accounts is now, on average, equivalent to almost a whole year of household income, or the entire UK mortgage debt.”

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And dividend payments also took a hit as a result of the crisis, affecting many who rely upon this kind of fund.

However, for those who are looking to invest, for example, in stocks and shares - caution is advised.

This is because the value of an investment can go down a well as up, so a person may get back less than they originally invested. 

Investing is also considered as a more long term endeavour than savings, and is often a significant commitment to make.

Therefore, taking financial advice could also be a suitable solution to work out an appropriate arrangement for a person’s individual circumstances.