A third of Brits struggling to save

Published by Laura Whitcombe on 25 February 2013.
Last updated on 25 February 2013

Piggy bank and plaster

Brits are struggling to save, with 31% of UK adults failing to tuck away anything at all over the past 12 months.

While 63% of Britons did manage to put a bit aside each month, according to a survey by Scottish Widows, nearly a third of us had savings of less than £1,000. This is at a time when combined average monthly mortgage and council tax costs stands at £1,009.

But most worryingly, eight million people (17% of British adults) have no savings at all.

Unsurprisingly, we're turning to our families for help. The survey revealed a quarter of respondents with families had loaned £15,000 to their children on average, up 11% from the previous year.

This level of support is having a big effect on parents' savings, with 24% of those surveyed admitting to cutting back on the amount they save and 8% stopping saving altogether.

Take the long-term view

But Iain McGowan, head of savings and investments at Scottish Widows, urges savers not to neglect their future financial needs:

"When we are faced with immediate financial commitments, such as mortgage payments and day-to-day living expenses, then it is absolutely necessary to give these pressing needs priority.

"However, taking a wholly short-term view of our finances will mean we are unprepared for the financial needs and challenges that lie ahead in the future."

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