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Britons 'worried about savings'

Wednesday October 23rd 2013

People about to enter their retirement years are the most likely to be eating into their savings, according to new research.

The latest Which? Quarterly Consumer Report reveals that 49% of the population are worried about the level of their savings, while 20% dipped into what they had stashed away during September to pay for essentials.

Some 23% of people aged 50-64 were forced to use their savings last month - the highest proportion of all age groups.

This group was also the most likely to use it for food (49%) or a household bill (48%), painting a worrying picture of individuals struggling to save for retirement.

Just 26% of households in the UK are actively saving for a rainy day or unexpected expense, while 20% have no savings whatsoever.

Data from the Office for National Statistics shows that the average home currently saves a mere £5.20 per week, or £270.40 per year, plus those on the lowest incomes are not putting aside anything at all - meaning a large number of people are therefore vulnerable to financial shocks.

The current very low interest rates are only serving to compound the problem even further as there is little incentive for people to save.

Copyright Press Association 2013

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