Everyday costs take precedence over savings accounts, says UK Insolvency Helpline

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www.moneynews.co.uk > Banking > Everyday costs take precedence over savings accounts, says UK Insolvency Helpline

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Everyday costs take precedence over savings accounts, says UK Insolvency Helpline

The UK Insolvency Helpline has suggested everyday expenses have become more important to people than putting money aside for the future.

Richard Sorsky, a money advice co-ordinator at the organisation's website, suggested it has become "expensive" to save.

He explained that the culture of putting aside cash has become diminished over time, as a result of a variety of costs and modern society's insistence on purchasing items straight away.

"[The] internet is expensive [and] people are spending more money on travel - everyday living expenses have gone up so much now that often it's impossible to save," said Mr Sorsky.

In his opinion, when people first get a job they have every intention of putting money into savings accounts, but it has just become too difficult.

Recent research by MyVoucherCodes.co.uk showed that 54 per cent of Brits believe they will always need some form of financial aid in order to live in the manner they intend to.

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