Brits in full-time employment do not have time to sort out their personal finances because of longer working days and shorter lunch breaks, a new study claims.

Research from the Co-operative Insurance Society reveals that most people now work nine hours a day with most taking a lunch break of half an hour or less. It says that people simply do not have time to sort out their finances during the week.

Only eight per cent of people now work the traditional nine to five. On top of time spent at work, each worker spends on average 90 minutes a day commuting.

More than a third of employees claimed they would have to take a half day off from work if they had to sort a major financial investment but 38 per cent said they would find time at the weekend whilst 28 per cent did not feel they would be able to fit it into their busy routines.

The UK's current saving deficit stands at £27 billion. The CIS claims that long working days are making the problem worse with people too pressed for time to sort out their financial affairs.

Charles McKeown, CIS Insurance sales director, said: "Our research shows that if people are at work for an average of almost nine hours per day, the last thing they want to use their weekends or precious holiday’s for is to sort out financial matters.

"It is therefore not at all surprising that the UK has such large savings and protection gaps."