Jul 14 2008
While it may be becoming more difficult for families to put money aside, many are continuing to do so, according to a new survey.
According to the Chelsea Building Society, rising food costs, fuel prices, utility bills and taxes are all putting a dent in the UK's ability to save.
For example, 15 per cent of respondents told the institution that they had used money that might have been put towards saving for children to pay council tax or energy bills in the past three months.
Darren Stevens, director of customer services at Chelsea Building Society, admitted the company is concerned by the findings but added that it is "encouraging" to see many people persevere.
"While times may seem tough to some, at the moment it is still vital that people continue in their habit of putting some money aside for long term savings," he said.
The news follows research by Axa which revealed that many parents are finding it difficult to lend money to their children during the current economic downturn.
