Nearly a quarter (23%) of people have raided their savings pots as a direct result of rising living costs, according to a survey.
The average amount they have taken out of their savings to cover rising bills is £2,623, pensions and investments mutual Royal London found.
Savings rates generally have improved in recent months as the Bank of England base rate has increased.
But one in six (16%) people said they intend to cover future rising bills with money from their short-term savings, meaning they may benefit less from the higher interest rates now on offer.
Around a fifth (21%) of people surveyed have less than £100 in savings.
More than eight in 10 (82%) renters surveyed said they are worried about rising rent payments.
A similar proportion (80%) of homeowners with a mortgage said they are concerned about mortgage costs.
Sarah Pennells, consumer finance specialist at Royal London, said: “The amount of rainy-day savings that people have already used to cover the costs of fundamentals, such as keeping a roof over their head and keeping themselves fed, is considerable, and maintaining any savings will be very challenging as our research shows that people who have money left over once they’ve paid their living costs only have £192 a month, on average.”
The research was based on a survey of more than 4,200 people across the UK by YouGov in August and September.