Friday 11th of February 2011
Many people in Britain do not have enough spare cash to put aside for a rainy day, it has been claimed.
Joanna Parsley, associate director of Credit Action, said a high proportion of Brits do not feel they have the monetary means to start adding to their savings pots.
For those who are in particularly dire straits, such as those owing debts of more than £15,000, asking individual voluntary arrangement questions could be one way for them to improve their financial position.
Ms Parlsey noted NS&I's latest Quarterly Savings Survey revealed the amount of money people are placing to one side is falling, with individuals this year putting away around £6 less per month than they were a year ago.
The industry expert observed many customers understand the importance of saving, but added: "Given many consumers have little spare cash each month, the savings culture has taken a back seat in the UK."
Her comments come after recent research from HSBC found high earners are expecting to see their savings figures decline in 2010.
By Ashley Littley
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- More people 'struggling to meet mortgage repayments'
