People are saving less
According to National Savings & Investments, consumer saving dropped to an overall low during the winter. People are not saving an average of 6.25 per cent of their monthly take-home, compared to 6.48 per cent a year ago, which is a mean of £90.12 compared to £81.94 at the present time.
In addition, NS&I reports that the average income has fallen from £1,384 last quarter to £1,310.
Tim Mack, senior savings spokesman at the organisation, said: “With the new financial year approaching, now is a good time for people to take a closer look at their finances and set themselves savings goals for the year ahead.”
Last month, David White, chief executive at the Children’s Mutual, claimed that young parents especially should be aiming to save as much money as possible.
Research conducted by the lender indicated that 93 per cent of firms are now supporting their children into adulthood.