Neil Kadagathur, the co-Founder and CEO of Creditspring, explained: “The rise in National Insurance will add even more pressure to peoples’ finances.

“With the cost of living crisis already in full swing, this is an additional expense that could tip many people over the edge – we already know that nearly one in five will have to borrow to survive over the next six months, and we should expect this to rise as finances become even more thinly stretched.

“For young people who may not have a bank of savings to fall back on, this rise could hit them harder.

“Six in ten 18-34 year olds already feel anxious about their financial future, nearly half are terrified and a third are going to have to borrow to survive the next few months.