Why We Don’t Save Anymore
According to this article, nearly 1 in 3 Brits do not have a savings account, whilst 40% spend money on things they want rather than saving it. Those that so save are putting away roughly £55 a month less than they did last year.
The main reason for this is the rising cost of living and high inflation outstripping pay rises for most of us. By the time we have paid our utility bills, mortgage/rent, food, phones and vehicular upkeep, there often isn’t very much left - in fact it is estimated that the typical British family needs to earn £24,600 a year just to break even.
So, check your bank statements to see what goes out when and you may find things you can cancel. such as unused gym membership or magazine subscriptions.
