Britannia: Debt stops Brits saving

18 November 2005
Millions of UK adults cannot save, mainly because of debt repayments, according to a new survey by Britannia Building Society.

Britannia found 25 million Brits - over half the population - do not save regularly.

Half of the non-savers cited lack of spare money as the main reason for failing to save, while a quarter said debt repayments prevented them from saving a nest egg.

Britannia also suggested that as people get older and have added responsibilities, they find it more difficult to save money for a rainy day.

Britannia chief executive, Neville Richardson, said: "Many people are obviously finding it hard to save due to the high cost of living and the culture of debt that has been growing in the UK over the past ten years.

"Recent research showed that 77 per cent of 16 to 18-year-olds had a savings account, suggesting that people are losing either the desire or the ability to keep saving as they get older."

Those who managed to save were able to stash away almost £170 a month while almost a fifth chose piggy banks as their favourite method of saving.

Over a quarter of respondents said they were "not satisfied" with the amount of money they managed to save every month.

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