Brits 'in denial about savings intentions'

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Brits 'in denial about savings intentions'

British adults who do not currently save money claim that they need to earn an extra a £500 a month before they could even consider putting money aside.

This is according to research from Omnibus, which found that 25 million non-savers on average believe they need £518 more every month before they can save any money.

However, in a separate survey conducted on behalf of MoneySupermarket.com, only 46 per cent of Brits who were asked what they would do with an extra £518 a month said they would save it.

The remaining 54 per cent confessed that things such as home improvements, holidays, new wardrobes and nights out would take priority above saving.

Kevin Mountford, head of banking at MoneySupermarket.com, said that saving requires "discipline and self-sacrifice" and does not come naturally to many people.

He added: "A good way for people to start saving is to work to a strict budget and see where cutbacks can reasonably be made."

A recent survey conducted by Scottish Widows found that 21 per cent of over-50s have saved less in the last year than they did during the previous 12-month period.

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