Fewer people reaching savings goals, poll shows

There has been a fall in the number of people achieving their savings goals over the past year, new results show.

Scottish Widows found that 56% of the British public have not met or exceeded their objectives, while the number of people saving nothing was also on the rise.

It discovered that the amount of consumers not putting anything aside now stands at 37%, up from 20% during the previous year.

Iain McGowan, Savings Expert at Scottish Widows, commented: "The downturn of the last two years has adversely affected the finances of many households whether through reduced earnings, increased everyday expenses or debt repayment."

He added that people have to work harder in order to put more money in their savings accounts.

A recent study by the HSBC and Personal Finance Education Group found that children are more aware of money as a result of the recession.

Posted by Ruth Bradshaw