A financial expert has advised people to consider putting aside money into a cash individual savings account (ISAs), during the present economic climate.

The expert stated that doing so could provide a household with financial support, should they need it.

Paul White, from Belgravia Insurance Consultants, also highlighted that money kept in ISAs, are tax free, meaning the holder will be able to have a higher lump sum if they need to withdraw any finances.

Mr White also advised that another way to provide a 'financial lifeline' for family members and dependents is to take out a life insurance policy.

Indeed, Nationwide has found that 47 per cent of Britons claim that they save regularly, but with the latest Bank of England interest rate at their lowest ever rate, people may find their returns are not as high.

Mr White said: "Now is a good time to consider cash ISAs, as they do not need to be taken into account, which simplifies tax calculations."

Another way to simplify finances during difficult times could be through level term life insurance, which may provide a cash pot for children until they reach the age of 18.

Recently there has been an introduction of life insurance policies that are specifically based towards child.