Brits not saving despite credit crunch

| December 22, 2008
Brits not saving despite credit crunch

Thirteen and a half million Brits did not save a penny during 2008, research by Alliance & Leicester has revealed.

Eighteen percent of people questioned for the survey said they had to use savings to cover bills in 2008, whilst 19% said they were disappointed with their 2008 savings effort.

One in five of those who did save in 2008 said they had been shaken by the current economic climate, and started saving as a way of planning ahead for 2009.

Meanwhile, one in ten people questioned for the survey said they will start saving for the first time in the New Year, whilst an additional 32% will save more next year than they did in 2008.

Hetal Parmar, A&L’s savings manager, said the number of people who have failed to put any money away is ‘surprising’, especially given the credit crunch.

Even saving as little as £10 per week will soon build up, Parmar added.

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