Despite concerns at the growing debt mountain, Britons are not faring so badly, it seems.

Britons are four times more likely to save money each month than struggle with debts, a survey found, and people had on average, £232 left after bills.

Around 28% of people said they lived within their means, according to the Raising Standards scheme, the insurance industry watchdog.

Researchers from the insurance industry watchdog questioned 2,000 people during May.

A further 26% said they saved money regularly, while 10% invested for the long-term, although just 7% said they were keen to start saving. Only 6% of people questioned said they were always in the red, and just 3% admitted to being credit card happy impulse buyers.

Overall, just 17% of people said they had nothing left to live on after paying bills and servicing debt, while at the other end of the scale 9% had more than £500 left.

Unskilled workers were twice as likely to be in debt as professionals and nearly half as likely to save money on a regular basis.

Martin Shaw, director of Raising Standards, said: "Concerns over the UK savings gap have recently been checked by talk of an imminent debt doomsday.”

"Despite all the noise, our findings give consumers more credit than they have perhaps been given in recent weeks.”

"People are borrowing but most people are managing to service their borrowings and still have room to save," he said.