A third of British consumers - six million people - have little or no savings, according to National Savings & Investment.
NS&I’s Savings Survey shows that the average British worker saves 8 per cent of their monthly income, and only a quarter of those who do save regularly have an actual target in mind. Many savers are more interested in preparing for a holiday than a crisis.
This can be traced to increased financial pressure on consumers, who find they have less and less disposable income and do not feel they can afford to store any of it for the future when they have bills to pay in the present. 25 per cent of the population feel that various pressures will further reduce the odds of them saving money in the next few months.
However, the outlook is more positive for the younger generation. 40 per cent of the 16-24 age group have clear saving goals, and nearly half of them feel their ability to save will improve in the next few months; only 14 per cent of the 35-44 group share their optimism.
