Britons warned 'save more'
www.moneynews.co.uk > General finance > Britons warned 'save more'
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Money News |
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Britons warned 'save more'
Fri 6th Jun 2008
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Finance firm Transact warns the country currently has one of the lowest saving ratios in the world and is urging Britons to start thinking about the future and live within their means.
Spokesman Jamie Elliot says consumers need to stop "seeing borrowing as the solution to our problem".
He notes the government is doing a good job of encouraging financial awareness and highlighting the importance of planning ahead through schemes like the Savings Gateway.
He explains: "They are going to allow people on low incomes to open bank accounts and the government will match the amount, up to something like £250. Things like this, we welcome."
Research by Credit Action recently found Britain's interest repayments have soared to £94.3 billion in the last 12 months. The average interest paid by each household on their total debt is approximately £3,790 a year - an increase of £343 in the last 12 months.
Related News : General finance |
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