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Friday 10th August 2007
Brits are keen to save money, but just cannot afford to do so, according a new survey that showed that savers are putting aside a third less money than last year.
The research by Birmingham Midshires found that with higher interest rates, more people are taking heed of those urging them to save, but that the actual amount of money being saved was less.
Over two thirds of people (67 per cent) had some money put aside, up from 62 per cent during the same period last year, but the average amount saved was £910 over the last three months - a third less than the figure for last year, which was £1,376.
Jason Robinson, director of savings operations for Birmingham Midshires, commented on the findings: "It's easier said than done but it's recommended that people have three months' salary put aside in case of financial emergencies - this equates to £5,899 for those on an average income."
This advice seems even more unachievable in the current financial climate which has seen the number of insolvencies in the first quarter of 2007 up 23.9 per cent on the same period in 2006.
The best savers were the notoriously thrifty Scots, in the Scottish Borders region, where 86 per cent had savings, compared to just 59 per cent of those in Lancashire.
Those in North Scotland topped the charts for the biggest savings - with £1,820 tucked away for a rainy day.
The South West had the laziest savers, with one in three people saying they had saved nothing over the past three months.
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