People 'find it hard' to put money aside
Consumers in the UK currently find it tough to save money each month but must do so to avoid difficulty in the future, it was said today.
According to Colin Jackson, director of Baronworth Investment Services, the country is not yet in a savings "crisis" but people will face problems over time if they do not manage to put money away.
He cited day-to-day living expenses such as rent and mortgages as reasons why consumers were less able to save cash and explained that just because the base rate has decreased, it does not mean homeowner loans will follow suit.
"I wouldn't say we're in a crisis just yet but it ain't looking good," Mr Jackson added. "People are finding it very tough to put money aside each month for long-term or even short-term savings."
Those wanting to save may find that putting money aside could be made easier if they fully investigate the difference products available for doing so, while those with theoption to take out a company pension could choose to do so now.
The total UK personal debt recorded at the end of October this year totalled £1,391 billion, according to Credit Action.
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