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‘We need to be doing much more saving’, says expert

June 7, 2008 by admin  
Filed under News, News-Banking

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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 for people committed to promoting financial inclusion, pointed out that Brits have one of the lowest saving ratios in the world.

“It’s a huge problem and we need to shift from a culture of borrowing and seeing borrowing as the solution to our problem[s], to living within our means.”

He added that people should also be saving for “difficult times” and the financial industry will be making efforts to encourage this, for example by allowing people on low incomes to open bank accounts with the government adding a maximum of about £250.

Recent research by Credit Action revealed that total secured lending on homes was £1,207 billion at the end of April this year, which represented an increase of 8.7 per cent over the last 12 months.

Tags: problem, business, year, lending, recession, Transact, GBP, secured lending

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