Brits wish they had begun saving sooner
With millions struggling financially as a result of the economy, about one in four Britons wish they had started saving earlier in life.
National Savings & Investments, NS&I, carried out this study which shows that about 22 per cent of people wait until they are 30 until they start saving and 13 per cent wait until they are 40.
However, 24 per cent of UK adults regret not saving more in the past 18 months to deal with the economic downfall and 32 per cent wish they had started saving earlier in life.
On a more positive note, the research into savings habits also found that the average Briton is likely to start saving seriously at the age of 25, with men found to be more likely to plan ahead and boost their savings accounts in preparation for major life events such as buying a house or starting a family.
John Prout, NS&I’s savings spokesperson, said: “It’s great to see that most Britons started to save seriously in their mid-twenties. And for those who have not yet developed the habit it is not too late to start.”
A separate study recently carried out by the F&C also revealed that one in four women between the ages of 35 and 45 have no savings in the bank, with many feeling they have no control over their finances.