Abacus Daily Debt News

Britons ‘unable to build up any savings’

British consumers are struggling to build up cash as they try to cope with the effects of the credit crunch, a survey has suggested.

Figures from Abbey Savings have shown that on average, UK adults are putting away £120 a month, a fall of £43 compared to three months ago.

In addition, this figure is £315 less than that seen a year ago, with 21 per cent of the population saving less than they did in 2008.

However, the poll indicated that many people intend to tackle this situation, with 25 per cent stating they are planning to increase the amount of cash they save over the next three to six months.

Spokesperson Reza Attar-Zadeh urged savers to implement a plan of action when building up their funds, noting that many may be saving "for a specific purpose, such as a holiday or a wedding, or for emergencies".

Recent figures from National Savings & Investment showed that a third (32 per cent) of Britons do not have any cash set aside for emergency situations.

By Jamie Price