Brits Expect to Save More in 2011
New research shows Brits struggled to increase their overall savings last year, but 36 percent expect to save more in 2011.
The total liquid savings balance increased slightly in 2010, but 40 percent of people withdrew more than they put away, the HSBC Savings Map revealed.
A further 23 percent admitted they withdrew over a quarter of what they had saved, while only 32 percent were shown to add to their savings pot, and just 15 percent saved more than they withdrew.
However, the number of people who expect to save more over the next 12 months is one and a half times the number who expects to save less, 24 percent.
“2010 was a difficult time for savers, and it is no great surprise that many people had to withdraw more than they put away into savings over the past year,” said Richard Brown, HSBC Savings head.
“Intentions to save for the coming year are positive with many planning to set aside more money into their savings pots.”
Younger people between the ages of 18-24 years old were shown to be most likely to intend to save more next year, with 56 percent claiming so, this was followed by 25-34 year olds of who 50 percent intend to save more.
In 2010 however, 34 percent of 18-24 year-olds and 35 percent of 25-34 year-olds withdrew more than they saved.
Prepaid Credit Card with No Fees
If you intend on saving more money this year, but are worried the rising cost of living will make this more difficult than you expected it to be try using a prepaid credit card with no fees.
This enables a consumer to load their budgeted spending money onto the prepaid card to use to make everyday purchases. As the card does not allow the user to spend more than is on the card, he or she is unable to overspend and get into debt.