Mr Mair said: “These are staggering figures, and show the extent of financial insecurity across the country.

“The reality is a lot of people are one big unexpected bill, or a sudden drop in income, away from being in real trouble.

“The coming weeks could see drops in income and higher bills for millions, with furlough ending, Universal Credit set to be cut by £20 per week and energy bills going up.

“People are facing a perfect storm.”

However, the financial expert also advertised the services provided by Citizens Advice, which provide guidance for people looking to manage their money better.