Figures from the Office for National Statistics (ONS) showed savers without a mortgage were now £1,000 worse off than they were before the financial crisis.

Disposable income has fallen from £15,694 to £14,506 in the last seven years, but those who bought and took out a mortgage have avoided most of the pain.

People saving for mortgage deposits have struggled with low interest rates and in many cases have not been able to raise a significant pot of cash. The ONS data showed that savers are 7% worse off than in 2008.

However, those with mortgages have benefitted from low rates of interest and people have been able to overpay on their mortgage loans.

The ONS said: “In response to the onset of the financial crisis, the Bank of England eased monetary policy by cutting the base rate rapidly at the end of 2008 and beginning of 2009.

“This in turn led to a fall in the rate of interest received by households on saving and also to a fall in the interest paid by households on loans.

“As the Bank of England base rate has remained constant at 0.5% since April 2009 there has been little opportunity for households to see a recovery in their income coming from higher interest rates.”