Sainsbury's reveals Brits are saving less

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Sainsbury's reveals Brits are saving less

New research from Sainsbury's Finance has found that, on average, UK adults are saving 5.9 per cent of their gross income each month, while 16 per cent of people saving less than a year ago.

Younger and older people were the least likely to be putting money away, with 43 per cent of the under-24s and 41 per cent of those aged over 65 saving nothing at all.

For people that are saving money, those in work are saving an average of 6.6 per cent of their earnings, while savers that are currently out of work are squirreling away 4.8 per cent of their income.

Despite uncertainty about the future of the UK economy, only six per cent of Brits are saving more now than they were in 2006 and some 3.74 million people are saving over 20 per cent less than they were a year ago.

The main reason cited by people who had decreased the amount they were putting into savings accounts was increases in the cost of living, followed by a change in personal circumstances and rising debts.

Neil Cameron, savings manager at Sainsbury's Finance, said: "It is concerning that many people have decreased the amount that they are putting aside in savings since last year."

He recommended that "at the very least" people should "have money set aside for emergencies and recommendations vary from saving ten per cent or more of your salary to having at least three months' salary readily available".

In other news, Sainsbury's latest car buying index, released yesterday, showed that there has been a significant decline in the number of people planning to buy a car in the next six months.
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