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Savings crisis engulfs Britain

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by David Masters
'Savings crisis' engulfs Britain

Britain is engulfed in a ‘savings crisis’ with one in four adults having saved nothing in the past two years, new research by moneysupermarket.com has discovered.

The poll also found that over a third (36%) of Brits now have less money in their savings than they did in 2007.

Of those who are saving, just 6% have saved enough in the past two years to use their full Cash ISA allowance of £6,600.

Savers who do use an ISA have saved an average of £3,100 in the past two years, less than half their tax-free allowance.

Kevin Mountford, moneysupermarket.com’s head of banking, said: “Those with savings would be wise to make use of their cash ISA allowance.”

He added: “A quarter of people have no money at all put aside, which shows just how serious rising unemployment will become over the coming year.”

The Office for National Statistics recently revealed that unemployment is rising at its fastest rate since records began.

Currently, more than two million UK adults are out of work.

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News posted: March 24, 2009

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