Banking and Financial News

Britons 'doubt their ability to save' - 05/02/2008

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Saving money is a skill that many Britons feel they are irrevocably lacking, according to a new study.

Research from National Savings & Investments (NS&I) has revealed that while the desire to save is alive in British people, confidence in their own capacity to save is running low.

Some 33 per cent of respondents professed the opinion that they would be less likely to save in the next three months, while a fifth of those polled said they would probably save more over the next quarter.

Dax Harkins, senior savings strategist at NS&I, comments that people should realise that "a little modification" is all that is necessary to "build up quite a considerable little nest egg".

Among the provider's top tips for saving this spring are switching to public transport as petrol prices rise, growing herbs and vegetables in a garden or on a window sill, replacing expensive gym memberships with walks and selling old clothes on the internet.

Alliance & Leicester claims that more people would be willing to save if individual savings accounts were more accessible and easier to understand.

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