UK Money News
27th May 2008
Crunch puts the squeeze on Britons' savings
Britons are struggling to put money aside for the future amid rising living costs and higher mortgage repayments.
In a poll conducted by Nationwide, just 54 per cent of those surveyed said that they are currently saving regularly.
Meanwhile, 27 per cent said they are only available to add to their savings irregularly.
Most worryingly, 19 per cent said they are unable to save at all.
The low level of those found to be saving is despite the fact that 90 per cent of those polled saying that they thought saving was important in the current climate.
Matthew Carter, Nationwide director for savings, said: "Now is a particularly important time to save if consumers are to weather the storm.
"As the governor of the Bank of England warns of harsher times, it's worrying that while consumers have a will to save, they haven't put this into action."
Consumers who currently hold savings can take advantage of a raft of attractive savings account offers, which have been launched as banks compete to attract more of their funding from consumer deposits to offset the damage done to their balance sheets by the credit crunch.
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