Debt problems ‘leave Brits with lack of savings’

Thousands of British consumers have been unable to contribute to any kind of savings account because of ongoing debt management problems, according to recent research.

Figures compiled by the Post Office show that around one in four adults in the UK do not add to their savings and 27 per cent of these people cite debt management issues as the reason why.

And the Post Office research suggests that a lack of savings provision has left almost half (48 per cent) of Britons aged between 55 and 64 having to save “frantically” in an effort to secure their finances during retirement.

Head of savings at the Post Office Richard Norman said: “With over 145 years experience, the Post Office has seen many savings trends, but it is worrying to see we are now saving less than 40 years ago – as little as 21p in every £10.”

Data compiled by Scottish Widows recently revealed that more than one million British retirees are still dealing with debt management issues.