Market Research Reveals Britons Cutting Back on Building a Savings Buffer

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7th May 2013 15:29 - Financial Services

 

A survey of over 3,000 people by Lloyds TSB, conducted between January and March this year, has found that many Britons are having to put building their nest egg on hold because of financial constraints and other current factors.

As a result of escalating living costs and stagnant wage growth, the quarterly Savings Index study highlighted that as many as one third of Britons (30%) will need to either cut back their saving efforts or stop putting money aside completely in the next 12 months.

The majority of the respondents (84%) who took part in the survey further said they are prioritising paying off debts instead of building their savings, while four in ten reported having no money left at the end of the month at present to contribute to a nest egg.

In addition, when questioned why they were cutting back on saving, two-fifths of the surveyants claimed that the low interest rate environment means that it is not worth squirreling money away, although 54% disagreed with this.

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