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People looking to fund big ventures in the new year may find that their finances are running low.

According to research by Alliance & Leicester, 28 per cent of Britons have not saved a penny during 2008.

Indeed, 12 per cent of people admit that they had built up a nest egg but then spent it, which may mean that a new car, family holiday or a home extension could have to be covered with a loan.

"It's encouraging to see Brits are becoming more aware of the importance of a savings pot. When it comes to the crunch, it makes a big difference if you have a financial cushion to fall back on," claims the manager for savings at Alliance & Leicester Hetal Parmar.

As such, people looking for ways to cover big expenditures as the credit crunch continues may want to consider secured loans, although they could be secured against a current property should the borrower stall on repayments.

Meanwhile, National Savings and Investments recently revealed that 47 per cent of Britons claim that they have managed to regularly put money aside during the year.