Fewer Britons are overspending or limiting their levels of debt according to recent research.

The financial organisation, NS&I states in its NS&I's Quarterly Savings Survey, that people are becoming more aware of their spending, with 28 per cent, saying that overspending on a monthly basis, down from 30 per cent in the last quarter.

Dax Harkins, the senior savings strategist, NS&I said: "Many of us are cutting back on unnecessary spending and instead are putting a priority on saving, as saving for an emergency continues to be the number one reason for putting money aside.

"Our survey shows people are setting themselves their highest ever savings targets. However as we've seen previously we are still falling a long way short of our aspirations.

"One way that people could tackle this is to identify clear goals to save for; at the moment just over a quarter (27 per cent) of those with savings set aside are saving for something specific."

In addition the survey also revealed that people in Britain are putting aside more money for saving.

On average, Britons are setting aside £92.41 each month, up from £90.12 in winter 2008/09. In addition, those who regularly save are also putting away the largest amounts of around £209.23 a month, during this quarter.