Photo: Happy Haggis
The UK economy is recovering and individual personal finances are increasingly healthy, but even as unemployment falls and confidence rises, Brits are still struggling to save.
A report from Lloyds Bank reveals that 35 per cent have less than one months’ income (£2,154) in savings, while half of the population have less than two months’ income put by for a rainy day.
Only 16 per cent of the population have more than four months’ of income in savings, which equates to savings in excess of £8,616, based on the average full time salary.
Despite this, though, people understand the importance of keeping money to one side, with almost nine in ten people saying it is important to have a minimum amount to protect against unexpected costs.
A lack of spare money remains the biggest reason for not saving, although this has decreased in the past year: 43 per cent of survey respondents cited it as the main obstacle to saving in Q3 2013, but this has now fallen to 32 per cent.
The number of people who have been able to save remains stable, with 26 per cent stating they are able to save regularly throughout the year.
Have you managed to deposit anything in your savings account this year?
Source: The Movechannel