One in seven 'have never saved'

By Sarah Engle, Thu 25 Feb 2010 - Published in Banking

Almost a quarter of people do not start saving seriously until after the age of 30, a new survey has found.

The research from National Savings & Investments (NS&I) found that 15 per cent of people have never saved any money, while 13 per cent wait until the age of 40 or older to do so.

However, some Brits may be changing their ways, as almost a third said that stories of people being in economic problems due to lack of savings had prompted them to start putting cash away.

John Prout, savings spokesperson for the NS&I, said: "Our research shows that 32 per cent of savers say that they have saved in the past but have not managed to continue."

He added that it is also important for people not to just save as a reaction to major events.

It follows research from the National Skills Academy for Financial Services, which found that students are most concerned about savings, being a bigger financial issue that their university fees.

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