Call free for debt management, debt help & advice

| All News | Archived News |

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."

---

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.

Top of page

Speak to an expert today
Call freephone: 0800 161 3516

Cost of mortgage debt payments fell 20% last year - 01/02/2010
According to the Woolwich, monthly mortgage debt repayments fell by 20% last year - from an average of £607 in ...
`Spike` in inflation means savers get negative returns - 29/01/2010
The recent increase in inflation has meant that no variable-rate savings accounts currently offer a real return, according to The ...
Two million pensioners `living in poverty` - 28/01/2010
New figures released by the Office for National Statistics have shown that two million pensioners are currently living in poverty, ...

© 2010 Gregory Pennington Ltd. Pennington House, Carolina Way, South Langworthy Road, Salford M50 2ZY. Company Registration No. 2855061
Registered in England and Wales