More than 40 per cent of British people admit that they spend the money saved on bills during the summer on leisure activities, according to a new report by National Savings and Investments (NS&I).

The Quarterly Savings Survey revealed that 42 per cent of people believe that they save an average of £77.39 a month during the summer, a period when 48 per cent say that they spend around £110 a month on leisure activities.

A further 43 per cent of people admitted that the warmer weather encouraged them to feel more relaxed with their spending habits, while entertaining children on school holidays and the cost of socialising also impacting upon summer leisure spending levels.

The report also revealed that more than half (60 per cent) of the population are inclined to spend more on holidaying during the summer rather than the winter, and 39 per cent said that they are more likely to spend money at restaurants and bars.

A series of measures has been recommended by NS&I that could help to reduce summer spending and make the most of savings made on bills, including the use of 'days out' coupons, researching local walking and cycling routes and getting involved with free local council activities.

The results of the Quarterly Savings Survey follows predictions from tourism agency Visit Britain that the weak pound could result in five million more domestic holidays this summer, as well as increased numbers of overseas visitors.