It is now 'much harder to save'

Posted on 30 June 2011

People are finding it much harder to save now then they have in the past, one financial specialist has warned, indicating that some may have to put of choosing a care home in old age.

Moneymagpie.com founder Jasmine Birtles said that while people are aware of the importance of saving, they simply cannot afford to put any money aside.

The expert said it is "ironic" that just as it occurs to people they need to save up, actually doing so is much harder as the cost of living continues to increase.

"Had they done so in the last ten or 20 years when actually the UK was going through something of a boom it would be a lot easier, but while there was all this money washing around people were spending more, spending money that they didn't have," she elaborated.

Research released by NS&I's Savings Survey found that more than one in ten Brits have no savings.

Posted by Toby Mynott

 

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