Britons still not saving

Thursday, 01 December 2005 12:00

There is still no sign the £27 billion savings gap is closing, Bradford & Bingley's Savings Report reveals.

The bank's research shows that many Britons are not saving at all, while many of those who are putting money away are not saving enough.

Just 36 per cent of 30 to 50-year-olds and 40 per cent of over-50s are saving regularly, Bradford & Bingley reveals.

And only fifteen per cent of these are saving more than £300 a month

"What has also become clear though in our research, is that large numbers are still failing to save regularly - many citing the lack of cash as the reason they aren't doing so," said Steve Potter, head of savings at Bradford & Bingley.

"This disparity between what they should be saving and what they are managing to put away will undoubtedly mean many people will be facing the future with apprehension and even dread."

Bradford & Bingley also revealed that those who are saving tend to do so for the short term, rather than thinking about their retirement.

Yesterday the Turner Report into pensions recommended that all workers were automatically enrolled in a pensions savings scheme that the government and their employer would also pay into.

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