33% of respondents said that they typically dipped into their savings every two or three months-up from 25% in January, when the last research was conducted.

While periodic savers would have a tendency to dip into their savings more regularly then regular savers, both types of saver are accessing their savings more frequently, with 43% of periodic savers now 'dipping in' every two or three months, compared with 32% of similar savers in January.

The target groups to start using their savings to compensate for lost income are more likely to be women, those in the 35 to 50 age group and those over 65.

A quarter of those who have dipped into their savings are claiming to have used those savings for general living expenses while previously holiday and travel were the lead reason, this falls into second position at 21%.

In a previous piece of research carried out over 6 months ago these savings were more likely to have been used to purchase cars and motorbikes as well as holidays.

The average amount saved among savers per annum is €4,400.

Aidan Power, Head of Marketing, EBS said the findings “demonstrate a shift in how people are using their savings”.

“The concept of saving now for what you might need in the future is well established, what the research is telling us is that many people are finding that the day when they need to be able to fall back on their savings has arrived now. The importance of having savings to hand is demonstrated by the growing numbers of people who are dipping in to their savings on a regular basis.”

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