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Britons 'not saving enough'
05 March 2008
Some 37 per cent of Britons are not contributing any money to a savings account while only six per cent said they were saving more money than last year, according to new research.
The research conducted by Sainsbury's found that Britons are on average saving only 5.9 per cent of their gross income each month, blaming the rising cost of living for their failure to save.
Neil Cameron from Sainsbury's says that smart budgeters should look closer to the ten per cent figure or having three months' work of salary set aside in case of an emergency.
"Many people are clearly finding it difficult to save, with a worrying number unable to set aside anything at all," he said.
"It is concerning that many people have decreased the amount that they are putting aside in savings since last year," he added.
Sixteen per cent of savers said that they saved less than they did last year.
The findings come at the end of the financial year when experts are encouraging Britons to reassess their savings habits by taking advantage of the tax benefits found in Investment Savings Accounts. 
