Savings efforts ‘hurt by debt management problems’

Britons are struggling to save money as a result of debt management problems and the rising cost of living, research has indicated.

According to Scottish Widows, 85 per cent of people now say they do not have enough cash to be able to put any away for the future.

The figure stood at 50 per cent in 2008 and the firm noted that 75 per cent cite the rising cost of living as the biggest barrier.

But for 42 per cent of those who have not been able to save, the burden of debt was their main problem.

Savings expert at Scottish Widows Anne Young called for consumers to consider getting into the habit of saving, even though paying off what is owed should be a priority.

“We should all regularly review what we are doing as our ability to pay debts and save can change,” she remarked.

Anyone who is struggling to repay what they owe should seek free advice, Becky Wilks of the Money Advice Trust recently stated.

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