UK Money News
21st May 2008
Crunch hits Brits' ability to save
A new study has exposed the extent of the UK's savings gap, which is leaving millions of Britons facing an uncertain future.
In the poll, which was carried out on behalf of credit reference agency Callcredit, 40 per cent of Britons confessed that they were they to lose their job they would be unable to survive beyond one month on savings alone.
The failure to build up savings has been exacerbated by the credit crunch, with one in ten of those polled saying that they have dipped into their savings to meet their monthly outgoings.
Owen Roberts, head of Callcredit Check, said: "These findings are a stark illustration of how the credit crunch is already affecting consumers, it's clear that the rising cost of everyday living is having an immediate impact on our ability to save.
"Many of the UK's workforce are at what could be described as a financial tipping point where just one unexpected unfortunate incident could have dire financial consequences."
The survey also found that ten per cent of respondents had stopped saving over the last six months.
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