Savers should 'tighten belts' for retirement
Britons planning on having enough savings to fund a comfortable standard of living in retirement are being advised to consider making small sacrifices which add up over the course of a year.
Research by the Yorkshire Building Society has found that Britons could save £44 billion each year by making cuts to everyday expenditure.
Sacrifices including making sandwiches instead of buying lunch, giving up one restaurant meal a week and downgrading holidays were listed as potential avenues to make savings.
Tanya Jackson, media relations manager at Yorkshire Building Society, said: "With the UK facing further interest rate rises, rising house prices and a savings gap of £27 billion, consumers should seriously consider tightening their belts and getting into the habit of saving regularly."
Earlier this year, Prudential reported that the gap in expectation of retirement income and reality was the basis of the UK savings gap.
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