Jun 9 2008
Britain's lack of saving is a "huge problem" that could leave many thousands of people facing serious financial difficulties in years to come, it has been suggested.
James Elliot, co-ordinator for the Transact financial inclusion network, is convinced that more needs to be done to promote an environment of saving around the country.
Mr Elliot maintains that Britons tend to be more reliant on borrowing than people in other parts of the world and the situation needs to change.
The government is aiming to encourage saving for children and for financial emergencies among UK consumers but the present situation leaves many people vulnerable, according to the Transact expert.
"We have one of the lowest saving ratios in the world. It's a huge problem and we need to shift from a culture of borrowing," he said.
Last week, the Building Societies Association reported that its members have been attracting record levels of investment into their cash-based individual savings accounts in recent months.
