Debt help could allow Brits to save earlier

25/02/2010

Too many Britons are waiting before they start to save money, according to new research.

Carried out by NS&I, the study revealed that 13 per cent of Brits are waiting until they are 40 or older before they begin to save money.

Perhaps more worryingly, 15 per cent of people surveyed claimed to have never saved money at all.

People may find it easier to set money aside once their debts have been cleared.

A structured debt plan could help them to do this.

Of those who did choose to save from an earlier age, 39 per cent said they did so because they had seen their parents worrying about money and they wanted to have the peace of mind that they wouldn't be in the same situation.

Almost a third said that they had been shocked into saving by earlier financial difficulties which had led them to keep up the good habit.

John Prout, NS&I's savings spokesman commented: "For those who have not yet developed the habit it is not too late to start. However it is important to not just see savings as a reaction to major events."

Posted by Jim Mead

Tags; Budgeting Advice,

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