Scottish Widows savings report shows no chance to save

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Scottish Widows savings report shows no chance to save

Iain McGowan, savings expert at Scottish Widows, said the economic downturn had seriously affected the opportunity to save for people in the UK for a variety of reasons.

He added: "The downturn […] has adversely affected the finances of many households, whether through reduced earnings, increased everyday expenses or debt repayment. This all means that people have had to work harder than ever."

According to the survey, 57 per cent of people thought that more should be attempting to save and 16 per cent believed the government should be held accountable for the lack of opportunity.

More than two-thirds of people thought that lack of money was the primary barrier to investing for the future.

An Economic & Labour Market Review from the Office for National Statistics found that the level of household income compared with expenditure was disproportionately lower.

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