Less than one in five consumers has 'rainy-day' savings they could rely on in times of a financial crisis, according to new research.

Despite industry experts advising workers to keep at least a month's salary in savings 'just in case', only 19 per cent of UK adults could rely on their savings if a financial crisis struck.

Independent Financial Adviser (IFA) Promotion discovered 22 per cent of people would turn to their family if they needed financial help, 21 per cent would go to their bank if hard times hit and five per cent would rely on credit to help them out of a hole.

With interest rates set to rise, IFA Promotion is warning consumers to take control of there finances before it is too late – at the moment a worrying 15 per cent of women and 12 per cent of men said they would have no idea what to do if a financial crisis struck.

"Our research has already revealed some alarmingly blasé views on balancing our spending, saving and debt; but without even a basic savings safety net, millions of us risk the possibility of being plunged from indulgence into hardship," said David Elms, chief executive of IFA Promotion.