Those putting money away for their retirement may agree with the comments of one expert that savers need to "fight back" next year.

Head of banking at MoneySupermarket.com Kevin Mountford explained such individuals have been plagued by low interest due to the Bank of England's decision to keep rates at 0.5 per cent.

The Bank's Monetary Policy Committee has retained interest rates at this level since March 2009 when they were reduced by 0.5 percentage points, while this month it also elected to continue with its £275 billion quantitative easing initiative.

Mr Mountford believes savers have suffered as a result of this.

He also claimed this is a situation that is unlikely to change over the next year and current economic uncertainty means consumers are unsure about their prospects.

"As increased winter fuel bills and the rising cost of living kick in, many more households will be hitting their financial tipping point so it is imperative that we try and fight back," Mr Mountford continued.

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