Generation of lost savers revealed

Britain's recent economic downturn has created a generation of lost savers, according to a recent survey by Scottish Widows.

The organisation's fifth Savings and Investment report showed that over one in three of the UK's adult population are failing to put money into accounts offering some of the best savings rates on the market.

Figures revealed that 18 million adults are now non-savers, reflecting a 16 per cent increase since 2009.

Compared with 2009 figures, this equates to an extra 8 million people in 2011 who are either unable to save, or are spending their money elsewhere.

Ian McGowan, head of savings and investments at Scottish Widows said: "It is unsurprising that the financial crisis has impacted upon people's savings behaviours, but the concern is that this has created a generation of people who simply do not save."

He added that it is important people who don't save realise the impact it could have on their later life.

The Fair Investment Company recently urged the 90 per cent of taxpayers who don't make the most of their full ISA allowance to act quickly before time runs out on this year's allowance period.
 

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2011-03-07 13:14:01 © Moneyextra.com