Almost six million households dipped into their savings to cover monthly household spending in the last month, a report has found.
According to Which? "the big squeeze had turned into the long squeeze" with many consumers are unable to save, too worried to spend and unable to cope with financial shocks.
Half the people surveyed, who have yet to retire, say they are not paying into a pension.
And more than a third of people say they have no intention in saving for their future.
More top news
From children's scooters to chainsaws, National Trading Standards has listed some of the potentially dangerous items it seizes daily.
A study by the University of Oxford forecasts an increase of more than half a million foreign-born people in England between 2011 and 2014.
More deprived areas of England have received the biggest cuts over the last five years, according to an influential think-tank.