Britons failing to meet savings goals
17 March 2010 09:45:56
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| Many Brits are not adding to their savings accounts. |
A survey by Scottish Widows found that just 56% of respondents had met or exceeded their savings goals, with the remainder failing to make the most of the best savings accounts on the market.
Of particular concern is the fact that 37% of people are now saving nothing whatsoever, compared with 20% in 2009.
Iain McGowan, savings expert at Scottish Widows, said that people are reassessing their finances following the recession, during which they have had to work "harder than ever" to set money aside.
"While it is encouraging that many people have met or exceeded their savings goals, the proportion of people saving nothing has doubled from the previous year, highlighting how much still needs to be done to get the nation saving," he observed.
Meanwhile, research by HSBC suggests that just 50% of British savers have a cash ISA savings account, which means that the remainder are missing out on tax-free savings.
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