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Tuesday 28th August 2007
One in four people in the UK do not save any money at all, according to a new survey.
The research, which was conducted by the Post Office to mark the 145th anniversary of the establishment of its saving bank, adds further weight to figures from the Office for National Statistics (ONS) which show the current savings ratio in the UK to be just 2.1 per cent - the lowest level since 1959.
Richard Norman, head of savings at the Post Office, said: "With over 145 years experience, the Post Office has seen many savings trends, but it is worrying to see we are now saving less than forty years ago - as little as 21 pence in every ten pounds".
A significant 71 per cent of those questioned said they simply could not afford to save, while just over a quarter attributed their inability to put money aside down to their debts, while 17 per cent said they spent all their money before they could save it.
The poll revealed that among those who are saving, the most common reason (29 per cent) was to pay for a holiday, rather than for the future.
Among 18 to 24-year-olds, 35 per cent of those who were putting money away were doing so to for a deposit for their first home.
The 55 to 65-year-olds were among the most keen to save - with 48 per cent saving money for their retirement.
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