Homeowners should spend time ensuring they are on the best mortgage deal possible, Abbey has advised.

The bank also recommended that people research credit card rates and home insurance offers to save money.

Nici Audhlam-Gardiner, head of mortgages at the firm, explained that although it may seem easiest to stick with an existing deal, often looking for cheaper options can make a "big difference" to someone's monthly outgoings.

"There's certainly more that we can all do to improve our financial fitness," she said. "It's all about discipline, in the same way that you can be physically disciplined if you decide to get physically fit."

Ms Audhlam-Gardiner advised those looking to get financially fitter to spend one hour a week managing their money and also researching better rates on current and savings accounts.

A study by ICM for Abbey found that 16 per cent of people carry a credit card balance at their lender's standard rate and 21 per cent renew home insurance policies without shopping around for a better deal.

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