More than half of the UK population have saved nothing at all in the past three months, an Insight I...
More than half of the UK population have saved nothing at all in the past three months, an Insight Investment survey reveals.
Despite mounting concerns over the nation's financial health and an already exciting £27bn pensions gap, latest figures from Insight Investment show that 53% of Britons saved nothing at all between April and June.
Even those that did manage to save only averaged £262 over these three months - an average per person of just £87 per month.
These figures are completely insufficient, says David Norman, managing director at Insight Investment, and adds that with this shortfall "it is easy to see why we have such a severe savings crisis".
Of the 47% who had managed to save, 14% said they had saved up to £100 while only 13% had saved more than £500 over the three-month period.
The survey also shows that young people are most likely to save nothing, compared to people aged 35-44 who saved an average of £324 over the last three months.
Men saved more money than women over the full three-month period - £333 on average compared to £192 for women.
Regionally, Londoners saved most with an average of £373, while Scots went against stereotypes by saving an average of just £149.
Norman warns that lack of savings could lead to problems later in life.
"Saving and investing does not require large lump sums, it should be seen as a regular habit that can involve small amounts of money. People who make no plan or provision for their future are rarely able to save and face severe difficulties later on by neglecting money management."
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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