Savings hit as Brits tighten their belts
The rate at which UK consumers are adding to their savings has been slowed by worsening economic conditions across the country, according to a recent report.
A study released by the research firm Mintel has suggested that more and more Britons are struggling financially and are finding it difficult to save for retirement as a result.
Millions of people are now finding that their coffers are empty at the end of each month and efforts in saving for retirement are becoming an increasingly difficult struggle.
With this in mind, Mintel has aimed to emphasise the useful role that can be played by direct debits, which can often make it easier for people to set money aside on a regular basis.
"Savings and pensions products as well as charities may well suffer as they often rely on people contributing whatever money they have left at the end of the month," a statement from Mintel explained.
"All the more reason for encouraging direct debits."
Last week, Alliance & Leicester urged UK consumers to face up the challenge of securing a comfortable retirement.
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