Survey highlights lack of saving

14 May 2009 03:19pm

A quarter of us are currently not setting aside any money, with 12% having to dip into their savings just to make ends meet, a survey has shown.

About 21% also admitted they did not have any savings at all, up from 16% when the same research was carried out a year earlier, according to credit reference agency Callcredit.

A further 38% of people said they had either reduced the amount they had been saving during the past six months, or they had stopped setting aside money altogether.

Two thirds of people said they were now more concerned about their financial situation than they were 12 months ago, with 38% saying they would not be able to survive for more than a month if they lost their income.

Owen Roberts, head of CallcreditCheck.com, said: "The recession is affecting consumers up and down the country and having a significant impact on our attitude towards saving.

"It is a worrying trend that 38% of people have either reduced the amount they have been saving over the past six months or stopped saving all together.

"With lower disposable incomes and the cost of living increasing, financial habits are changing and less money is being put aside."

YouGov questioned 2,030 people during April.

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