With post-Christmas debt currently hanging over the population, people could risk finding themselves in an even poorer financial state as the country enters the New Year.
The research, which looks at Britain’s savings habits, reveals that almost one in four people (24%) have no savings at all, meaning the age of austerity really is beckoning.
A quarter (25%) of those surveyed said that they saved as much as they could afford, but are still worried that the amount they’re putting aside is not enough. With over half (55%) of people saving less than £100 a month, this could well be the case – although just putting some money aside is better than nothing.
Surprisingly the UK’s top savers are the Welsh who manage to squirrel away on average £253 a month. Perhaps less surprisingly, London also has one of the highest average saving figures in the country (£214 per month) closely followed by the North East, whose residents save £200 monthly. Those living in the South East are the least financially savvy, putting aside just £132 a month.
Those living in the East of England could be most at risk financially, with two fifths (40%) admitting to not saving anything at all because they have no spare money, whilst only a quarter of those in the North East (25%) are in the same position. Meanwhile a third of North East residents (32%) feel they save as much as they can but still worry it’s not enough.
Kris Brewster, head of products at Skipton Building Society, commented: “We all know how difficult it is to put money aside at the moment, however as we move into a new year this is the ideal time to start re-assessing your finances.
“If you are struggling it can often help to speak to a friend or an adviser who can guide you through the money maze and help you reach a point where you can start saving effectively… We know from our research that people want to save – it just isn’t always easy to get to that point where you feel able to.”
