Robin Fieth, chief executive of the Building Societies Association (BSA) also noted that of the 11 million people estimated to have no savings, 7.5 million were in work.

Between March and October 2020 the number of adults with characteristics of vulnerability increased by 3.7 million, reversing the previously positive trend.

The BSA believes the anticipated development of savings platforms with algorithm driven decision-making may reduce the links that savers have with deposit taking firms and increase the volatility of retail funding.

Fieth said: “Workplace savings could act as a foil to both of these trends and by working with local employers help societies demonstrate a new commitment to their local communities.”