April 24, 2014

One in five UK savers has less than £500

One in five UK savers (21 percent) have less than £500 put aside with 11% having less than £100 in savings.

Research from Nationwide Building Society also revealed that one third of savers are also having to dip into their savings at least once per quarter. The research also revealed that 62 percent of people cannot afford to save at all or more than they already are.

Just half of those currently saving are using a cash ISA.
Darren Bailey, Head of Savings Pricing at Nationwide Building Society, said: “The rising cost of living continues to impact family finances and despite wanting to save, many are finding they just don’t have the spare money.
 
“Yet, even putting a small amount aside each month can produce a decent nest egg which can give families funds to fall back on should they need too.
 
“The needs of each individual saver will differ and it’s important that people find the best account to suit their needs. One of the most important factors for savers when selecting a savings account is being able to access their money as and when they need to with the majority opting for a cash ISA where interest can be earned tax-free.
 
“Although the economic climate may not be ideal for savers, nearly nine in ten people continue to value the importance of putting money aside for a rainy day.”

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