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Sainsbury's: Savings on the decline in UK

Around one third of Britons say that they are "unable" to save due to current economic conditions.New figures from Sainsbury's Finance also show that one in five are "saving less" than they were last year.Rising inflation and the credit crunch has been blamed for the recent pressure to budgets - with food and utility costs rising in tandem with loans repayments rates.Two interest rate cuts from the Bank of England in recent months have also made savings offers less attractive to consumers.Savings manager at Sainsbury's Finance Neil Cameron said: "Many people are clearly finding it difficult to save, with a worrying number unable to set aside anything at all."It is concerning that many people have decreased the amount that they are putting aside in savings since last year."Overall, British workers were found by Sainsbury's Finance to be putting by 6.6 per cent of their income for their savings.

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