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Millions of Britons have no savings

A Mori poll has today cast light on the very difficult situation in which many people in the UK find themselves after the recession. The report from Mori indicates that 20% of those in the UK have no savings whatsoever and around a third has less than £500 to their name. This comes despite the fact that the number of people in the UK who are saving has risen from 40% to 47% over the last six months.

There are two main reasons why savings have deteriorated in the UK, both of which are a consequence of the economic environment in which we live. On one hand, many people have used their savings to pay down loans and mortgages, taking advantage of low interest rates, while on the other hand a number of people have lost their jobs and are genuinely running short of money. This has led to a significant increase in social security payments which will continue to rise for some time to come even though the UK economic recovery looks as though it has begun.

When you also consider the relatively low interest rates available on savings at the moment it is perhaps no surprise to see many people using up their nest eggs to pay down any existing debt. If you are looking to pay down any outstanding debts it is vital that you take financial advice to ensure you taking the correct action for your situation.

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