Saving is a struggle for many

One in three households in the UK do not have enough money set aside to deal with emergencies, a new survey has revealed.

A study carried out by National Savings and Investments revealed that one in eight people have no savings at all.

Of those polled, a quarter voiced doubts about their ability to save during the next three months.

Yet despite the tight squeeze under which household budgets are currently labouring, the report suggested some signs of hope for the future.

Some 40 per cent of 16-to14-year-olds have a commitment to saving (for those in the 35-44 age bracket that percentage slips to 25 per cent).

On average, where savings are being made, people set aside 8 per cent of their monthly incomes.

Tim Mack, savings spokesman at NS&I, said: “Pressures on disposable income often prevent people from setting aside as much as they would like, but there are simple steps people can take to improve their savings habits.

“This includes looking at outgoings in more detail. See what you save and set up a direct debit putting that amount directly into a savings account.”