Mar 4 2008
Young adults and elderly sectors of British society are among those finding it most difficult to set money aside on a regular basis, new research has revealed.
More than 40 per cent of people aged over 65 and around 43 per cent of Britain's under-24s are currently not saving any money at all, according to a study commissioned by Sainsbury's Bank.
Thousands of parents use a portion of their earnings to save for children but around a third of all adults around the country now claims to be unable to set any money aside on a monthly basis.
With this in mind, the firm behind the latest figures has encouraged UK consumers to reassess their own savings performance and shop around for a vehicle that performs well on their behalf.
"For those whose personal circumstances and the rising cost of living are making it difficult to save it's important to pick an account that provides a consistently attractive return so that your savings are working their hardest for you," said Neil Cameron, savings manager at Sainsbury's Finance.
Adult children in the UK have become an increasingly serious drain on the finances of their parents in recent years, research by Scottish Widows has suggested.
