Not enough left to save

Householders are finding it increasingly difficult to save a regular amount of their income, Sainsbury's Bank has found.

In the past, people used to put aside a regular amount "for a rainy day", but less than two thirds of people are now managing to achieve that.

The research has discovered that almost one in five people are saving less than they were last year, although those who had the savings habit tended to reduce the amount, rather than stop altogether - with those out-of-work still putting aside four per cent of their income, whereas those in work managed to allocate almost seven per cent.

Neil Cameron, savings manager at Sainsbury's Finance, commented: "Many people are clearly finding it difficult to save, with a worrying number unable to set aside anything at all.

"It is concerning that many people have decreased the amount that they are putting aside in savings since last year. At the very least, it is advisable to have money set aside for emergencies and recommendations vary from saving ten per cent or more of your salary to having at least three months' salary readily available."

March 05^th 2008

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