Billpayers made record-high withdrawals from their bank and savings accounts in May, which prompted charities to issue warnings about the rising cost of living.
The Bank of England reported that there were £4.6bn more withdrawals than deposits into bank and building society accounts.
The level reached there was the highest since comparable records first started 26 years ago.
Household finances are being strained by the rising cost of living, which includes grocery bills, mortgage payments, and rent.
People must be encouraged to save money, according to Richard Lane, director of external affairs at the debt relief organization StepChange, in order to be resilient against unforeseen expenses.
The latest in a string of warnings that more and more people are finding it difficult to keep up with living expenses, he said.
People's financial headroom is being reduced by cost pressures, which makes them more susceptible to risky borrowing and debt problems. ".
The most recent number represents a sharp departure from April, when net deposits saw an increase of £3.7bn in bank and building society accounts.
When savings from National Savings and Investment accounts were added to the total, a net withdrawal from accounts of £3.8 billion was made in May, as opposed to a £5.3 billion increase in April.
Banks have come under fire for allegedly giving savers "measly" interest rates and failing to adequately reflect the higher Bank of England base rate in the returns they provide.
The transfer of interest rate increases to savers, according to Chancellor Jeremy Hunt, is "taking too long.". The "problem that needs solving" was particularly affecting people with instant access accounts, he claimed.
"Savings rates are driven by a number of factors, not just the Bank of England's bank rate," said UK Finance, the industry trade group for the banking industry. "One key factor is whether someone wants instant access or can deposit money for a longer period of time.". ".
But in recent months, members of the Treasury Committee have frequently brought up the concern that savings rates have not increased in step with rising mortgage costs.
Savings deals have improved in some cases, but savers must still be vigilant, according to Alice Haine, a personal finance analyst at the investment platform Bestinvest.
"Consumers raided their savings accounts despite the possibility of higher savings rates. While many people may be using their savings to offset rising living expenses, savers should still shop around for the best deal on offer to make sure their money is working as hard as it can, she advised.
A few households are also making larger tax payments. According to recent data from HM Revenue and Customs, there will likely be 1.3 million more income taxpayers in this fiscal year than in the previous one, with women making up the majority of those.
The income tax personal allowance has been set by the chancellor to remain at £12,570 until April 2028. Taxes are not due on income below this amount for basic rate taxpayers. Anyone whose pay increases raises their income above this threshold must begin paying taxes.
The threshold (point) at which people begin paying the higher tax rates has also been frozen by the chancellor and was lowered for the highest rate in April.
This has helped to explain why there are now 862,000 top "additional" rate taxpayers this year compared to 555,000 last year. Over the same time period, the total amount paying at the 40% income tax rate increased from 5.28 million to 5.59 million.
According to Steve Webb, a former minister of pensions who is currently a partner at the consulting firm LCP, "high inflation and frozen tax allowances mean that well over eight million people aged 65 or over are now paying tax, a doubling in the last two decades. ".
The Bank of England data also revealed that from 49,000 in April to 50,500 in May, mortgage approvals for homebuyers increased. Remortgage approvals increased from 32,500 to 33,600 in the same time frame.
However, the rates that lenders charge for fresh fixed rate agreements are still rising.
