One-quarter of Brits do not save, claims Post Office

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One-quarter of Brits do not save, claims Post Office

The Post Office has warned that the practice of saving is on the decline in the UK.

In research released on the 145th birthday of its Savings Bank, the Post Office claimed that 24 per cent of people in the UK do not save money, while 32 per cent do so only infrequently.

It also revealed that the savings ratio, which is worked out as "the proportion of post-tax income that households save rather than spend", was 2.1 per cent during the first quarter of 2007 - the lowest since 1959.

"With over 145 years experience, the Post Office has seen many savings trends, but it is worrying to see we are now saving less than forty years ago - as little as 21p in every £10," said Richard Norman, Post Office head of savings.

Last week, Abbey Savings advised people who are considering opening individual savings accounts that they should check the accessibility options offered by the provider.

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