Short-sighted Britons vow to save in 2007

28 December 2006
One in five Britons failed to save as much as they'd planned in 2006, a survey from Alliance & Leicester has revealed.

And almost half of those who saved raided their savings for spending sprees (42 per cent).

One in eight said they found organising their finances too complicated or too time-consuming, but three out of four simply couldn't afford to save in 2006.

However, buoyed up by festive good cheer, Britons remain optimistic about making the New Year a better one financially.

Eight out of ten told the bank 2007 was the year for sorting their savings.

Unfortunately, their financial know-how appears to be weaker than their resolve – since 31 per cent plan to save in a 'piggy bank', and 56 per cent said they would save on an ad hoc basis.

"Some people are still living in the dark ages by keeping money in a piggy bank at home, or naively thinking they will put the money aside as and when they can afford to," commented Alliance & Leicester's head of current accounts, Helen Palmer.

Financial advisors urge customers to plan over the longer term, save regularly, and spend only what they can afford.

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