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NS&I survey shows savings deficit

6 million people have no savings

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NS&I survey shows that people are struggling to save

According to new data released today from NS&I’s Savings Survey, 13% of the population have no savings. The findings also highlight that some people are struggling to save money this spring.

The results equate to 6 million adults with no savings at all. Furthermore, more than a third of consumers (36%) say they don’t have enough money to cope in an emergency.

There is also some pessimism about savers’ future ability to be able to save. A quarter of Britons (25%) said they were less likely to save over the next three months. For those of you looking to save, our Best Rate tables should be your starting point.

Pressure on disposable income

Tim Mack, savings spokesperson, NS&I said: ‘It can be difficult to save and pressures on disposable income often prevent people from setting aside as much as they would like, but there are simple steps people can take to improve their savings habits.

‘This includes looking at outgoings in more detail and setting up a savings goal. See what you save and set up a direct debit putting that amount directly into a savings account. These simple changes will ensure savings quickly mount up, and before long you can have a savings pot growing steadily month on month.’

Review your savings arrangements

Paul Davies, savings analyst at Which?, added: ‘The survey is a reminder that people should review their savings arrangements at least once per year. It is no surprise that many are struggling to find the cash to save at present, but you can ensure that you are getting the most from the money you can afford to put away.

‘Not everyone will want to switch accounts regularly to get the very best rate in the market, but you should use our Best Rates tables to ensure that you are getting at least a competitive rate.

‘There is also the danger that you’re stuck in a closed account paying a poor rate or that a bonus has ceased leaving you receiving a less-than-spectacular interest rate. Use our Savings Booster to confirm the rate you’re currently getting and switch to a Best Rate account if you want to get a better deal.’

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Which? Money – Live pensions Q&A

Are you baffled by state pensions or Sipps? Are you worried about being able save enough for your retirement? Whatever your pension questions, Which? experts will be on hand to answer them during our live Q&A on Friday 1 July. 

Sign up now to take part in this exclusive event for members at www.which.co.uk/pensionsqanda, or log on at 12.30pm on the day to get involved.

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