Abacus Daily Debt News

Inability to save to result in debt management need?

The inability of the British public to save money could see more people requiring debt management help, new figures have suggested.

A study by Nationwide Building Society found individuals are becoming increasingly pessimistic about their confidence in putting cash aside for future use.

The report showed 21 per cent of consumers believe they will save less six months down the line than they do at present.

This figure stood at 18 per cent in the first quarter of 2010, representing a quarter-on-quarter jump in attitude negativity of three per cent.

Around three per cent fewer individuals now claim to save regularly than they did in the first quarter, while 22 per cent now admit they do not have place any cash for safe-keeping at all.

A recent article in the Guardian claimed debt has now become entrenched in modern life throughout the UK, as the nation has one of the largest levels of personal debt in the world.

By James Francis