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“These figures also predate the current cost of living crisis, and it is inevitable that the number of people saving the maximum £50 a month will fall this year, as will the number of people using the scheme.”

Ms Suter said Help to Save had been poorly advertised by the government.

She said: “Had the program been better publicized in recent years, more households would have been encouraged to save regularly and would have had a rainy day fund in the face of the current financial crisis.

“The government has invested minimal money in marketing Aid to Savings, which means many who have had money in reserve over the past few years have not realized they could get this generous increase in their savings.”

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