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Debt advice could be sought by 25 million unable to save

Debt advice could be sought by 25 million unable to save

- Monday, 6 July 2009

Over half the of UK's adult population say they cannot afford to save, according to new figures from moneysupermarket.com.

The figures suggest that the number of people seeking debt advice in the future could rise as a result of people lacking essential financial security in what remains an insecure economy.

Research from moneysupermarket.com showed that 52 per cent of the UK's adult population did not save.

The average non-saver believed they needed an extra £518 per month in order to start saving, highlighting a marked difference between real income levels and comfortable income levels allowing people to save.

Kevin Mountford, head of banking at moneysupermarket.com, said that saving should be prioritised by those in a position to do so.

He said: "Of course there are many people in the UK on low incomes for whom saving is an impossibility. However, saving needs to be a positive decision to put money aside before people start to spend each month."

People aged between 40 and 49 are the least likely to save, with only 33 per cent putting money away each month.
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