Britons struggle to save, expert says

Wed, 06 Feb 2008

Britons want to save more but are "increasingly pessimistic" about having enough money to put aside, a new study suggests.

The quarterly savings survey, conducted by National Savings and Investments, found that 33 per cent of respondents said they would be less likely to save on the next three months.

Only 21 per cent said that they expected to save more.

It also found that those surveyed would ideally like to put an average of £180.91 in to a savings account each month, an increase on the previous quarter's figure of £174.91.

Dax Harkins, senior savings strategist at National Savings and Investments, said that even though people were struggling to meet their savings target, their goals were still possible.

He explained: "A little modification to your daily routine, which is sustainable, can help you build up quite a considerable nest egg ."

In January Andrew Hagger of Moneyfacts said that people would need to act fast to take advantage of attractive fixed-rate savings accounts as such deals did not last long.
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