Britons failing to save after holiday season spending

Posted on January 16th, 2011 | Categories - News

Savings are falling as people try to deal with Christmas debt.

A quarter of people have no savings.

A third of people cannot afford to save money, suggesting that festive spending over the Christmas season has taken its toll on the nation’s bank balances, according to a Skipton Building Society Report.

The survey revealed that almost a quarter of people have no savings at all highlighting that the financial future of many Britons looks bleak.

However, one in four people did admit to making a saving each month but added that they are worried that the figure they are setting aside each month is not enough.

Kris Brewster, head of products at Skipton Building Society said: “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. If you are struggling it can often help to speak to a friend or an adviser who can guide you through the money maze and help you reach a point where you can start saving effectively”.

Welsh people topped the poll when it came to the best savers in the UK by saving an average of £253 a month. People living in the South East were found to be the worst savers as they could only manage to put aside £132 each month.