Only a third of Britons bother to save regularly, according to a report from Bradford & Bingley.
The loan and savings provider found that whilst 36 per cent save money often, 20 per cent say they never put money away. One in ten would rather spend their hard earned cash on consumer items than put their money away for a rainy day.
Over a quarter of those asked said that they cannot save because they do not have spare household cash. Bradford & Bingley suggested that high consumer debt is eating away at UK household’s ability to put money aside.
“The spending culture has certainly replaced the savings culture in the nation’s consciousness,” said Steve Potter of Bradford & Bingley. “With so many attractive interest-free deals many people are being tempted to buy now and pay later.
“Just how much they will later pay, however, remains to be seen. What’s clear though, is that if consumers don’t start looking to the future and putting in place proper savings plans they’ll be facing many ‘cash strapped’ years.”
The survey also discovered that few ‘rate tarts’ exist amongst those who do save. Only 12 per cent said that they regularly look at the savings market, whilst three in five said that they trust their bank or building society to provide a competitive rate.
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