Victor Trokoudes, the CEO and co-founder of Plum, shared some money saving advice for those dealing with the ramifications of a recession.

The savings expert said: “It’s important to set aside money to cover three to six months of outgoings. That means you can cover your essential household bills, like mortgage or rent, food and energy. If that’s not possible, just put away what you can.

“Crucially, this money needs to be available immediately so you’re not having to wait around to access it.

“While many people built up their savings during the pandemic, one in 10 don’t have any savings. Paying what you can each month means you can steadily build up your emergency fund.”