Consumers 'want to earn more before they save'
Published On 13 September 2007
People in the UK are risking debt and the possibility of requiring an IVA by not saving money now.Figures released by Birmingham Midshires show that 55 per cent of people in the country think that they do not currently earn enough for them to start saving for the future.
Typically, consumers would like to take home around £1,824 a month before they consider putting anything away. However, 33 per cent said they would need a salary of £2,000 a month to encourage them to save.
"The big concern is that savings seem to be viewed by many as an unaffordable luxury," commented Jason Robinson, director of savings operations at Birmingham Midshires.
"With interest rates at an all-time high, there has never been a more opportune moment for people to set aside their money in a lucrative savings account.
"By putting aside a little and often, it will not be long before savers reap the benefits of adopting good savings habits."
Recently, Mark Wapshott, a spokesperson for St Edmundsbury Financial Services, said that everybody should save a considerable amount of money to guard against future problems.
He explained: "People should have three to six month's salary available in easy to get to accounts."
