Subscribe to The Money StopNews Feed

Browse > Home / News, News-Banking / UK consumers saving less

UK consumers saving less

March 6, 2008 by admin  
Filed under News, News-Banking

Leave a Comment

Concerns about the future of the economy has led to UK consumers putting less money into their savings,

Findings from Sainsbury’s Bank show that those in work are saving 6.6 per cent of their income while those who do not have jobs are only putting away 4.8 per cent.

An estimated 16 per cent are saving less than a year ago compared with six per cent who are saving more, according to the figures.

Neil Cameron, savings manager with Sainsbury’s Finance, said: “Many people are clearly finding it difficult to save, with a worrying number unable to set aside anything at all.”

“It is concerning that many people have decreased the amount that they are putting aside in savings since last year,” he added.

On a regional basis, people in Yorkshire and Humberside are saving the least, putting aside on average 4.7 per cent of their monthly income into savings, while people in the East Midlands and Anglia are saving the most at 6.7 per cent.

Meanwhile, more research from the firm shows that spending on cars is set to decrease by £11.1 billion over the course of the next six months.

Tags: United Kingdom, east midlands, income, work, savings manager with Finance

Tags:

Related Entries

  • Christmas get savers back “into the habit”
    • The availability of Christmas saving schemes has been welcomed as a way of getting people back "into the habit" of saving by a consumer charity. The Consumer Credit Counselling Service (CCCS) said access to easy
  • Consumers must get into saving discipline
    • Consumers need to "get into the discipline of saving", according to an independent financial advisor. Colin Jackson, director of Baronworth Investment Services, has said that once a consumer gets into saving, it becomes part of
  • Calls for saving scheme to be extended
    • The expansion of a government scheme for matching the amount of money saved by lower-income Britons could provide a real boost to the nation's savings, it has been claimed.The Tax Incentivised Savings Association (TISA) said
  • Consumers saving more and using credit cards less
    • Recent reports have shown that consumers are getting far savvier about their finances, with many now choosing to save money and shore up their finances rather than splashing the cash on large purchases or spending
  • Saving is sexy again, says expert
    • More people are putting aside money as saving is "becoming sexy again," according to an expert. Emma Byrne, a savings advisor, said that people aged between 18 to 34-years-old are increasingly seeing saving as a
  • ‘We need to be doing much more saving’, says expert
    • With the economic downturn increasingly putting a strain on people's finances, the country needs to "be doing much more saving", an expert has advised. Jamie Elliott, coordinator at Transact, which is a UK-wide network
  • A regular savings habit is “good housekeeping”
    • Making a regular habit of putting some money aside in a savings account each month is "just good housekeeping", the chief executive of Moneynet.co.uk has said.Richard Brown emphasised the importance of saving money, saying that
  • Millions wasted on credit card debt payments
    • Brits are squandering millions every year on unnecessary interest payments on their credit cards, despite also saving money for the future.Recent research by Fool.co.uk has found that around one in every six people with an

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!