Lack of savings put Brits at risk of debt

Thu, 30 Jun 2011

The endemic refusal to save among Brits could see many put themselves at risk of falling into debt or having their home repossessed .

According to MoneyMagpie.com, people are still not putting enough money into their long-term savings, despite the events of the last few years.

Founder Jasmine Birtles explained that lessons should have been learned about fiscal responsibility, but the message simply has not filtered trough to everyone.

"People are still thinking short-term or medium-term. The prime thing people put money away for is a rainy day," she said.

"A lot of people are worried about their job and they want to at least be able to cope for a month if they lose their job." However, Ms Birtles suggested that people have to do more when it comes to saving for the long-term.

Recent research from Scottish Widows showed that 3.2 million Brits would sacrifice a month's salary for a once-in-a-lifetime experience.
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