Survey reveals Britons' saving woes

29 December 2008 05:38am

Three out of 10 Britons failed to set aside any money during 2008, while others saved some cash but then spent it, a survey shows.

Around 28% of people admitted they had not saved any money during the past year, and while half of these said they regretted this, the other half were unconcerned about their lack of an emergency fund.

One in five people said they had been forced to dip into their savings to meet extra living costs and 12% said they had saved money but then spent it.

Overall, however, 64% of people said they had managed to save some money during 2008, a third of whom had saved the amount they wanted to, according to Alliance & Leicester.

One in three people said they had saved a specific amount from their salary each month, while 29% said they had been careful with their spending and managed to save more than they expected.

Going forward, 10% of those questioned plan to start saving for the first time next year, and 32% hope to save more during 2009 than they did during the past 12 months.

One in four people said cutting down on their spending was one of their New Year's resolutions.

Hetal Parmar, manager for savings at Alliance & Leicester, said: "At the end of a rollercoaster year, it's encouraging to see a good proportion of Britons developing a disciplined savings habit by saving regularly.

"What's surprising is the number of people who still haven't put any money aside and aren't concerned about it.

"I would urge them to follow the example set by the majority by building a nest egg for themselves. This will provide a safety net during 2009 and beyond."

© The Press Association