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Quarter of adults `saved nothing in past two years`

25 March 2009

A new survey from Moneysupermarket.com has suggested that around a quarter of British adults have not saved any money in the last two years.

Another 36% of people have less money in their savings than in 2007, suggesting that many have had to dip into their savings to cover their commitments.

Of those with savings, only 6% have made the most of their full allowance of £6,600 in an ISA (Individual Savings Account - on which the returns are tax free) in the last two years.

A spokesperson for debt management company Gregory Pennington said: "Savings should be a high priority for most people, since they offer some protection against unexpected financial issues, as well as security in later life.

"Sometimes, however, it makes more sense to use money to pay off debt, since the interest charged on debts tends to be much higher than the interest earned on savings."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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