With many relying on credit and “buy now, pay later” schemes to cope with unexpected costs, Ms Shiels stresses the importance of building a financial safety net.

CCU has now signed up to the Money and Pensions Service (MaPS) Savings Charter to help promote a culture of better financial behaviour.

Ms Shiels, who also sits of the MaPS board, said: “The importance of financial wellbeing can never be underestimated. It can underpin whether a person is healthy both mentally and physically. Putting regular savings away for a rainy day, no matter how small, can be the first step to creating a nest egg to get you through the tough times.

“Building financial resilience has never been more important than it is today. Getting into the savings habit might well be the best thing you do for yourself and your future financial wellbeing.””

Statistics gathered by MaPS, which is sponsored by the Department for Work and Pensions, show that 26 per cent of Scots have less than £100 in savings and investments. The organisation’s figures also highlight that 24 per cent would need to borrow money to cover an unexpected bill of just £300.

Ms Shiels is particularly concerned that this is leading too many Scots to make poor financial decisions with many turning to buy now pay later schemes and to signing up to a Protected Trust Deed (PTD).

She added: “Our experience shows that people typically don’t just have one buy now pay later deal on the go. They have multiple contracts and this growing trend of impulse spending can make it increasingly difficult to meet monthly commitments, leading to financial stress.

“I also have grave concerns about the continued use and mis-selling of PTDs. Whilst this route of writing off debt might be right for some, too many are being persuaded into them without appreciating the harm it causes to their credit rating and their ability to borrow further. It’s vital that anyone struggling with debt should engage first with their lender or independent debt advice charities such as StepChange.”

CCU is also encouraging more employers to set up payroll savings schemes allowing staff to build a nest egg directly from their salaries every month. CCU currently has 91 employer partners offering this service to staff.