Britons admit to failing on savings

Almost three quarters of Britons, or 72 per cent, say that they are failing to save enough cash for the future, a new IFA Promotion poll has shown.

Around eight million of those who admitted to failing to plan ahead said that they enjoyed spending their cash too much to save it.

IFA Promotion said that it hoped that the recent rebalancing of interest rates could flip the trend as borrowing becomes pricier and saving more rewarding.

“Last week’s announcement should be treated less as blanket bad news for the heavily indebted UK consumer and more as a wake up call to save more and spend less,” said David Elms, IFA Promotion chief executive.

“The interest rate rise is minimal, but has met a shock reaction, which I hope will trigger people to finally take their heads out of the sand and act logically when it comes to their future financial security.

“At the very least, it should deter people from unnecessary spending and the temptation of taking on new debt, but what we really need is a long-term commitment to saving. With the prospect of increased rates of returns, now is an ideal time to start.”

IFA added that people who have resolved to kick-start a saving habit should find the savings account deal before they begin to invest their money.

© Adfero Ltd

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