One in Three Cannot Afford to Save

Published on 1 January 1970 by Raffick Marday

A worrying one in three Brits admit they cannot afford to put money aside each month to save for the future, latest figures reveal.

According to a survey by Skipton Building Society, post Christmas debt has increased the need for savings as the nation enters the New Year in a poor financial state.

Almost one in four people were shown to have no savings at all, as 33 percent claimed they have no spare cash at the end of the month to put aside.

While a quarter said they saved as much as they could afford they were still worried this was not enough. Fifty five percent are saving less than £100 a month.

“We all know how difficult it is to put money aside at the moment, however as we move into a new year this is the ideal time to start re-assessing your finances,” said Kris Brewster, Skipton Building Society’s head of products.

“We know from our research that people want to save – it just isn’t always easy to get to that point where you feel able to.”

Those living in Wales were shown to be the best at saving, with an average of £253 a month being tucked away.

Londoners were also high on the list at second place with an average saving figure of £214 per month. This is closely followed by those in the North East who save on average £200 a month.

The least financially stable are those living in the South East, as on average only £132 is put aside each month.

Budget with a Prepay Card

It is likely if many kept to a strict budget each month they would be able to have some cash left to put into a savings account.

To aid budgeting a prepay card can prevent overspending on non-essential items.

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