Lloyds: One fifth of people have less than £500 saved

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Lloyds: One fifth of people have less than £500 saved

Wed 15th Oct 2008

One in five people and four in ten families have less than £500 in savings, according to new figures from Lloyds TSB.

The Financial Face of Britain report found that UK adults are spending less but also neglecting their savings as the economy slows and the cost of living rises.

While 32 per cent are increasing their monthly repayments on existing debts to try to clear them, 37 per cent are saving less.

In Scotland, 41 per cent are saving less and 36 per cent are upping the amount of their debt repayments.

The study of over 5,000 UK adults also found that more than two million families are not saving enough to secure their children's future and over four million people have no savings at all.

The bank's Helping Britain to Save campaign is now being launched to encourage saving and offer advice on how to make it effective.

Independent financial advice expert Alvin Hall will be visiting Lloyds TSB branches nationally to offer help to people.

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