UK Money News
11th December 2007
Faltering savings culture 'will cause problems'
The current lack of an established savings culture could lead to major personal finance difficulties for many in the future, it has been claimed.
Baronworth Investment Services states that, as people are currently finding it difficult to put aside funds, there could be a higher number in trouble with debt or needing help with finance in the years to come.
Colin Jackson, director of the firm, says: "The way things are currently ... people are finding it very tough to put money aside each month for long-term or even short-term savings.
"So if things go on like this, over time it will lead to major problems."
He added that, while a crisis had yet to be hit upon, the situation did not look bright for many consumers.
The money news follows figures released by personal finance charity Credit Action that reveals total lending grew by £8.8 billion in October.
Consumer credit lending increased by £1.4 billion during the month.
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