2 June 2009
High levels of personal debt mean that people are looking to pay off what they owe rather than save money, new statistics revealed.
Of those questioned by Scottish Widows, 42% said debt was acting as a barrier to them being able to save, while 85% said having a lack of cash is also restricting their ability to put money away.
"There is a need to encourage and educate people to put money aside for their future, even when they think they can't afford it, or don't understand how to do it," noted Anne Young, Savings Expert at Scottish Widows.
According to NS&I, Britons have saved an average of £86.35 each month over the last year, ending on a high of £90.12 during the winter months ending in February 2009.