High debt and poor savings levels have left many Britons in a worrying financial situation, a new study has indicated.

Figures from Combined Insurance have found that over half (52 per cent) of Britons have less than £500 in savings, while 38 per cent do not have anything saved up.

With the average consumer required to fork out £954 a month for their financial commitments, the majority of Britons would find themselves in debt with no way of making payments if they lost their income for less than three weeks.

This demonstrates the precarious financial situation of many UK residents, who may want to consider acquiring debt consolidation loans in order to better manage their finances.

"The modest amount of savings put aside by millions of Britons shows just how seriously a loss of income could affect us, and our families," remarked Nigel Brittle from Combined Insurance.

Young Britons were perhaps unsurprising found to be with the least amount of savings. Nearly half of those in their twenties do not have anything saved, leaving them able to stay out of the red for only four days if they unexpectedly lost their income.

Debt consolidation loans can be a good option for those experiencing financial difficulties, rather than allowing problems to pile up.