According to the results of a new research study, a large number of Brits have very little in their savings accounts, with a full 50 per cent of UK households having £1,000 or less.
Personal and business bank account provider, Norwich & Peterborough BS, said that far too many UK consumers are completely lacking in any kind of financial safety net. The building society’s survey discovered that the increased cost of living, in combination with having to cut back on outgoings, has led to problems for many Brits, with around 1 out of every three having no sort of savings whatsoever.
N&P savings product manager, Gary Lacey, said that the results of the survey were quite worrying, as Brits are showing a decided lack of emergency preparedness. Calling for a change in culture, Mr Lacey said that Brits have begun to return to a mindset that had been more prevalent in previous generations where people were more concerned with simply making do and mending where needed.
In related news a Family Investments spokesman said that parents need to begin building a future for their children, advising them to save ‘a little and often’ in order to provide the younger generation with a more secure financial future. In the wake of the worldwide economic depression, a large number of families have found it difficult to put large sums of cash into savings products such as fixed rate bonds because of many factors, chief among them being the rampant inflation rate increases causing the cost of living to spiral upwards.
However, the Family Investments specialist remarked that the ability to save for the next generation’s future economic needs is still possible, as long as you put a little bit of cash aside on a regular basis.