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Britons are saving less
07 July 2008
An increasing number of British people are saving less money due to the credit crunch, claims an independent financial advisor.
With the credit crunch tightening household budgets and reducing the amount of disposable income at hand, consumer saving levels fell by £11 billion in the first quarter of 2008, according to figures released by Unbiased.co.uk.
David Elms, chief executive of Unbiased.co.uk, said: "2008 has started turbulently for many with regards to their finances. Consumers are playing double jeopardy - not only increasing the amount they are borrowing, but also reducing the amount they are saving."
While saving has decreased, levels of borrowing have increased which could create economic problems for many as credit becomes harder to get.
"The worry is that this year the scenario is even more bleak than normal. We have increased our debt two fold since the same time last year - and reduced our savings," said Mr Elms.
Research by Nationwide revealed that only 50 per cent of consumers save on a regular basis.
