Britannia savings accounts popular with the young

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Britannia savings accounts popular with the young

Fri 18th Nov 2005

Over half of British adults cannot afford to save money, mainly because of their debt repayments, says a new survey by Britannia Building Society.

The survey found that 25 million adults do not save, with the majority citing lack of spare money as the main reason and a significant figure blaming debt repayments.

Britannia's survey claims to illustrate the "have now" culture of the UK, with many of those questioned saying that they would borrow, either on credit or from friends and family, to buy something they could not afford.

Neville Richardson, chief executive of Britannia, commented: "Many people are obviously finding it hard to save due to the high cost of living and the culture of debt that has been growing in the UK over the past ten years.

"Recent research showed that 77% of 16-18 year olds had a savings account, suggesting that people are losing either the desire or the ability to keep saving as they get older," he added.

The average amount saved each month was estimated at £169.60, with 17 per cent of people preferring to save in piggy banks or a hidden place at home. This covert saving was also demonstrated by new research from AA Savings, which suggested that Brits keep their saving habits secret from their partners.

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