Apr 22 2008
More than a third of all young Britons believe they cannot afford to set any money aside on a monthly basis, according to recent research.
Figures compiled on behalf of Sainsbury's Bank have shown that around 36 per cent of people aged between 25 and 34 in the UK feel that their financial constraints are such that they cannot save at all.
In addition, almost 16 per cent of British consumers in this age bracket indicated that they were currently saving less money each month than they were a year ago.
For many people this will mean saving for retirement has become an increasingly difficult financial exercise and the main reason for the trend is believed to be the rising cost of living affecting all age groups.
With this in mind, Sainsbury's Bank has urged anyone who still has saving assets to make sure that they are receiving a competitive rate of return from their financial service provider.
A report from Mintel last week suggested that saving for retirement has become more difficult for UK consumers in the wake of recent problems with the national economy.
