- Friday, 4 December 2009Despite the effects of the global recession, Britons have failed to prioritise saving, it has been revealed.
According to NS&I's Savings Survey, the individual saving ratio has remained constant over the last five years, at around six per cent.
With the wider economy having faced significant setbacks in the past 18 months, the lack of financial security awareness could put consumers at risk if something unexpected were to happen.
As such, an increasing number of people could find themselves coming to rely on bankruptcy-avoiding measures, such as the adoption of an
individual voluntary agreement (IVA).
Tim Mack, NS&I's savings spokerperson, said it was clear Brits had not sufficiently adjusted to the altered financial climate.
He commented: "It is evident that Britons don't seem to have made saving any more of a priority in 2009 than they have over the past five years, despite the economic downturn.
Mr Mack went on to say that people should identify "unnecessary expenditure" and focus on what they really want and need. This would encourage the development of a "good savings habit", he said.
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