Brits urged to start saving

Fri 6 Jun 2008 - Published in Banking

The fact that the UK has one of the lowest saving ratios in the world is extremely worrying, according to Transact.

Jamie Elliot from the organisation said: "We need to shift from a culture of borrowing and seeing borrowing as the solution to our problem, to living within our means."

He added that he welcomed government initiatives that served to promote financial awareness and a savings mentality within the community.

In May, Transact reported that it was seeing an increasing number of the middle-classes turning to it for financial help.

For example, in Haywards Heath in Sussex and Congleton in Cheshire, there has been a 100 per cent rise in inquiries over the past 12 months.

In the 2008 Budget, the chancellor announced the Saving Gateway scheme will be rolled out nationally in 2010.

The scheme is a cash saving initiative for those on lower incomes. Saving is incentivised, as the government makes a contribution for each pound saved.

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