Almost half the population ‘cannot afford to save’

Debt consolidation and money advice may come in useful for a large proportion of the population, who are struggling to find any excess cash to save.

Debt consolidation and money advice may come in useful for a large proportion of the population, who are struggling to find any excess cash to save.

A new survey from MoneySupermarket.com has found that in the past year, 47 per cent of Brits have either stopped saving altogether or have significantly reduced the amount that they invest.

According to the report, 52 per cent stated they had to use all the money available to them to fund day-to-day living expenditure, while 42 per cent said that household bills were the reason they can no longer afford to save.

The challenging economic situation has also meant that consumer spending habits are changing, as 25 per cent of males have cut out alcohol to save money, while 29 per cent of females are spending less on beauty treatments such as haircuts

Kevin Mountford, head of banking at the site, said: "It comes as no surprise that many people have reduced and even stopped saving completely at a time when cost of living is high against a backdrop of ongoing low interest rates."  

By Joe White

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