Shortage of adequate savings is keeping Britons up at night

2nd March 2015

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Nearly one in seven Britons are kept awake at night over money worries, which is ultimately impacting their day-to-day lives claims new research from TopCashback.co.uk.

The analysis revealed that it’s Britons’ lack of savings that is making them toss and turn with around a quarter quoting savings as their biggest financial worry.

Some 60% of Britons do not have the recommended three-month ‘safety net’ of savings set aside and only half have a ‘stash’ put away for a rainy day.

The study also found that just 45% put savings into a pot each month. Despite worrying about their lack of savings, 41% admit to ‘splurge’ purchases that they either cannot afford or later regret.

When it comes to stressful financial situations, 36% admitted they would find being cut off from their gas or electricity provider the most stressful and more than a quarter would find being refused to withdraw money at a cash machine the most worrying.

However, when it comes to saving money, 80% shop in the sales, around half buy in bulk and a further savvy 45 per cent shop out of season.

However separate research from Scottish Widows has found that the UK is becoming a nation of savers, as the insurer’s savings study – which polled 5,000 – found the number squirreling away cash is up to 74% from 63% in 2010, with a steady year-on-year rise in the number of long-term savers.

Other key findings from TopCashback.co.uk revealed:

 

Britons financial worries

 

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