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Have you been saving for the future?

Over the last two years there has been a dramatic impact on the UK economy caused by the credit crunch and accompanying economic slowdown. However, while many people have been using their savings to pay off high interest debt in the short to medium term how many people were actually saving money before the credit crunch hit home?

The truth is that consumer spending in the UK has been on an upward spiral for many years, much of this financed by credit cards and other forms of debt. As a consequence, net savings (the difference between debt and money put aside in savings accounts) have reduced dramatically in recent times. The spend now, and pay later attitude of many consumers has come home to hit them hard and experts predict insolvencies and bankruptcies will continue to rise for many years to come.

Maybe after the short sharp shock of the credit crunch we could hopefully see a return to savings across the UK where possible? However, in the short term many people are not in a position to cover their monthly bills let alone place any money aside for the future. While times are very hard for the UK public hopefully in the long run we could see a shift back to a savings culture?

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