As utility bills, fuel and the general cost of living rises in the UK, Britons are feeling the pinch.
According to a recent Savings and Investment report by Scottish Widows, 36% of the UK adult population are not saving for the future as a direct result of increased living costs.
The report goes on to say that just 50% of the population that are saving money are doing so for the short term, the old rainy day fund rather than for a new purchase.
The hardest hit, are the 45-54 age group who are unable to save as a result of providing financial backing for both older parents and their children.
Clare Stott Director of National Money says:
it is becoming apparent that the benefits of saving for a rainy day, are not getting through to enough of the British people, even saving small amounts to deal with minor emergencies is an important part of planning and managing the family budget.
We are aware that with the current economic climate, threats of redundancy and little chance of a pay rise that people are unable to put away large amounts of money, but it is important that regular saving does not become a lost habit in the UK.
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