Brits should save more, says moneysupermarket.com
www.moneynews.co.uk > Banking > Brits should save more, says moneysupermarket.com
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Money News |
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Brits should save more, says moneysupermarket.com
Mon 14th Jun 2010
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Kevin Mountford, head of savings at the company, claimed having a nest egg of cash put aside means that people can deal with unforeseen circumstances, such as unemployment or illness.
His comments follow research by Unbiased.co.uk, which showed that savings have dropped significantly since mid-2008, with debt levels also having crept up during this time.
Mr Mountford said it is no surprise to hear that individuals are saving less though, since interest rates are so low that it makes more sense to pay off loans and mortgages.
He explained: "Many people have been using what money they do have spare to pay off debt. This is a rational and sensible thing to do."
However, the moneysupermarket.com representative claimed that savers should ideally have six months worth of income set aside in case something unexpected occurs, since this will give them a financial cushion.
Click here for more banking news
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