Millions have no saving strategy in place
11.7 million people have not been able to contribute towards their savings for a number of years.
The study by Citizens Advice, based on a YouGov survey of 2,041, found that 37% of respondents have never saved money for the future, while 28% have difficulty managing their money and finances.
People’s saving behaviour are directly tied to their income. 42% of people on an income of £10,000 to £19,000 rarely save money, compared to those earning £45,000 or more (19%).
The report also reveals that respondents from all age groups are struggling to save money. 42% of 35-44 year olds are least likely to save due to financial pressures such as childcare costs, mortgage repayments and household bills.
Almost 1 in 3 (32%) rarely save, while over a third of 18-24 year olds (34%) continue to struggle with their finances.
When asked about money guidance, 27% of people said that they would go visit their local bank while 21% said they would turn to family, friends or colleagues on how best to manage their money.
Gillian Guy, chief executive of Citizens Advice said:
“Not everyone is confident in their ability to manage their money and many would appreciate support key moments in their life such as when they have a baby or buy a house.
“That’s why it is really important people are able to access to free guidance and advice to help to manage their finances and sort out debts to ensure a more secure financial future.”
Speak to us about your saving plans today.