'Lack of concern' for savings safety net found by A&L

19/12/2008

Many Britons are feeling "shaken" by the financial crisis.

Around one in five people who save regularly told Alliance & Leicester (A&L) that they were planning to save more in 2009, in order to help them make ends meet as the economy struggles.

Meanwhile, one in three said that they had used some of their savings in the past year due to their budget being squeezed by the crunch, one in five expressed unhappiness with the current small size of their savings and one in seven said that they hadn't saved at all in 2008.

This combination of small savings and an economic downturn could lead many people into debt, Hetal Parmar, manager for savings at A&L, suggested.

"What's surprising is the number of people who still haven't put any money aside and aren't concerned about it," he said.

"I would urge them to follow the example set by the majority by building a nest egg for themselves.

"This will provide a safety net during 2009 and beyond."

Tags; Debt Management and Banking, Young Family Finances, Credit Card Lifestyle, Recent Graduate Debt,

Regional Debt Advice; Debt Advice Leicester,

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