Axa: Average UK adult saved £1,003 in 2006

The average adult in the UK saved £1,003 during 2006, while 61 per cent saved less than £500 or nothing at all, it has been found.

New research from Axa also discovered that 12.4 million people in the country do not plan their finances at all – and if they do, they set aside five minutes a week to do so.

Yet Axa maintains that if consumers take professional advice and spend more time sorting out their financial situation, they could find themselves able to save up to £6,000 more annually.

Moreover, the financial services company suggests that by taking 15 minutes per week to address money issues, people could decrease their debts quicker and potentially save thousands.

“There is a direct correlation between the amount of time people spend on their finances and how much they save,” said Steve Folkard of Axa.

And of the research, he remarked: “The participants who invested the most time looking at their finances as a whole reaped the greatest rewards.”

Axa specialises in insurance and asset management.

© Adfero Ltd

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