Britain must prepare for ‘bleak’ recession amid rise in cost of

With the threat of recession all the more apparent, Nerdwallet believes that launching an emergency savings account will make a world of difference for those looking to acquire extra cash over the longer term.

Furthermore, Ms Horne is telling savers to cut down on spending habits over the next couple of months as energy bills and inflation will likely remain high.

The finance expert said: “With the uncertainty of the current climate, it’s useful to have a backup fund to be prepared for anything unexpected that may occur such as becoming unemployed, being unable to work, or being faced with more increased costs in the future.

“Additionally, cutting back your spending habits can help put more money aside each month into an emergency savings account to help out whenever possible.”