Jul 16 2007
A new report from Engage Mutual has shown that savings habits and perceptions of money vary greatly between different generations of British consumers.
With Britons of all ages struggling to save enough money for their own or for their family's financial future, the latest figures suggest older consumers are more reluctant to spend than their younger counterparts.
Engage is convinced that part of the reason for the relatively cautious spending habits among older Britons is that they have faced far more variations in the level of inflation and the change to a decimal monetary system.
"It is important that all family members save as much as possible for the future," said Karl Elliott, 3GB spokesperson for Engage Mutual.
"If just ten per cent of the population put aside just £10 each month, then the British population would be squirreling away £720 million each year into savings."
A report from Scottish Widows last month suggested that millions of Britons face poverty during retirement as a result of a lack of savings.
