Brits putting away less into savings

Savings among adult Britons have fallen by 13 per cent over the past year, according to new research by National Savings and Investments (NS&I).

The group’s latest quarterly savings survey found that consumers are putting aside an average of £87 each month, down 13 per cent from £100 last spring, while almost a quarter (23 per cent) are failing to save a single pound of their monthly earnings, up six per cent from the same period last year.
People in their late 30s and early 40s particularly struggled to save during the spring months, typically putting away 5.82 per cent of their income compared to 7.6 per cent in winter.
In addition, 28 per cent saved nothing over the three months and nearly half of them admitted to not having sufficient savings to cope in an emergency, compared to more than a third of the overall population.
Looking ahead, one in four of the 2,400-plus adults polled said they were less likely to save over the next three months, while 49 per cent said the amount they are able to set aside will remain the same over the next quarter.
Commenting on the findings, John Prout, retail customer director at NS&I, said: “When times are tough it can be difficult to save but even putting away a few pounds each week will help act as a financial cushion should you face an emergency”.
“It is worth everyone taking another look at their finances to make sure their money goes as far as possible. Why not start a log of all incomings and outgoings to help you work out a budget? This can be a useful way to keep on top of your money management .”