British parents risking debt by not saving

12 November 2009

One in four parents (28%) has no savings or investments, according to Abbey Savings, potentially putting them at risk of debt problems in the future.

Abbey found that a further 20% of parents have less than £1,000 to fall back on in the event of any financial emergency.

Meanwhile, the research found that 36% of parents rely on their savings to pay bills and meet basic living costs.

A spokesperson for debt management company Gregory Pennington said: "As well as offering long-term security, savings also protect people in the short term against debt. If any unexpected costs come up, a good `safety net` in the form of savings can be a big help.

"But saving is very difficult for a lot of people in the current climate, especially for those who are already in debt. We advise anyone struggling to save money because of their debts to speak with an expert debt adviser as soon as they can."

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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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Gregory Pennington is a member of DEMSA whose code of conduct is approved by the Office of Fair Trading.