A&L research reveals mixed response to saving

by Gill Montia

Story link: A&L research reveals mixed response to saving

Alliance & Leicester (A&L) has been taking a look at the savings habits of Britons during 2008 to discover that one in seven people questioned have not saved anything this year.

Respondents in this category were split equally between those who had regrets about the situation and those who were surprisingly unconcerned.

Meanwhile, one in five Britons were disappointed with their savings balances and almost one in three have had to use their savings to cover rising living costs.

The results suggest that 64% of UK adults have managed to put at least some money away over the year.

Of this group, 20% have been shaken by the current financial climate and want to plan ahead for 2009, by building up a savings pot.

Thirty-three per cent met their savings expectations and 29% saved more than expected.

Twelve per cent managed to save something but ended up spending most of their stashed cash.

A&L’s manager for savings, Hetal Parmar, is surprised at the proportion of people who haven’t put any money aside and are not concerned about this.

He recommends setting up a standing order from a current account to a savings account as an easy way to get into the savings habit, even if the transfer is just for £10 per week.