Cost of living squeeze puts brakes on savings
In fact, many savers are also having to regularly dip into what savings they have, with a third (34%) having to dip into their savings at least once a quarter according to research from Nationwide Building Society.
Nationwide found that although nearly nine in ten people (86%) think saving is important, three in five (62%) people claim they cannot afford to save at all or cannot save more than they already are. One in ten people (11%) do not save at all while more than a quarter (27%) do not save on a regular basis.
Darren Bailey, head of savings pricing at Nationwide Building Society, said: “The rising cost of living continues to impact family finances and despite wanting to save, many are finding they just don’t have the spare money.
“Yet, even putting a small amount aside each month can produce a decent nest egg which can give families funds to fall back on should they need too.
“Although the economic climate may not be ideal for savers, nearly nine in ten people continue to value the importance of putting money aside for a rainy day.”