Not enough people saving for the near future

According to Scottish Widows, the investment consultants, there is a shortage of knowledge among the general public when it comes to savings and investments and the group are anxious that nearly 40% of people in the UK do not have a nest egg for the near future.

The comments were highlighted in the Scottish Widows Savings and Investment Report, which studies a variety of features of saving in the UK. It found that 15% of people are only saving 5% or less of their earnings and nearly 40% of parents with grown-up children are shelling out £12,000 from their savings to help their children.

Scottish Widows have suggested that the financial industry work with the government to encourage long-term savings and make the public more aware of finance and investments.

A spokesperson for Scottish Widows said that the Scottish Widows Savings and Investment Report illustrates that attitudes towards saving needs to be changed and we need to promote awareness and urge people in the UK to save.

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