Brits blame daily expenses for dearth of savings

Thursday, 03 February 2011 01:56

Over half of Britons blame the cost of day-to-day living for stunting their savings, according to new research.

The study, carried out by, surveyed those who save £50 or less each month.

Some 57 per cent of respondents claimed that everyday living costs limited the amount they are able to save.

Meanwhile, paying back debt prevents 13 per cent of people from saving each month, the survey shows.

And impulse-shopping is another high-influencing factor, with 12 per cent of interviewees admitting to have spent what they intended to save by the end of the month.

Head of savings at Chris Griffiths suggests there are a number of ways in which people can increase the amount they put away.

Among these are setting up a direct debit to savings accounts and transferring any money left over at the end of the month into these as well.

"Although it can be tough to get into the savings habit, putting away some of your cash for a rainy day really should be something we all try to do on a regular basis," he comments.

Recent research by revealed that more Brits have been going cold this winter than in previous years in a bid to save some money.

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