Lovemoney.com expert calls for more deposits into savings accounts

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Lovemoney.com expert calls for more deposits into savings accounts

Brits need to put more cash into their savings accounts, according to a source from Lovemoney.com.

Ed Bowsher, head of consumer finance at the company, suggested people should have the equivalent of six months' salary put aside in case of an emergency.

In his opinion, this amount is a sufficient "cushion", so if an individual loses their job or experiences some other disaster they will not be in financial dire straits.

These remarks were made in response to research by NS&I, which showed that single people aim to save a larger proportion of their salary than partners in a relationship.

Singletons plan to put aside an average of 18.07 per cent, while couples try to save 14.71 per cent.

Mr Bowsher admitted he is surprised by the statistics, but there are several factors that may have led to this situation.

He explained that it is easier for single people to cut their spending in order to save more and they know they cannot rely on a partner to provide for them if they get into financial trouble.

The Lovemoney.com representative suggested that the "climate of fear" created by the prospect of unemployment has led to something of a shift in the public's attitude to saving.

However, he urged consumers to put more cash into their savings accounts until they have six months' wages put aside.

"I accept that building such a sizeable savings cushion is a major challenge for many people, but it's worth doing if you possibly can," said Mr Bowsher.

The irony, noted the finance expert, is that it is much easier to save in an economic boom, but saving did not have the same importance then for many people.

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