Over a quarter of Brits less likely to save

By Sarah Engle, Mon 4 Apr 2011 - Published in Banking

Over a quarter of Brits will be less likely to save over the next three months, according to data from National Savings and Investment (NS&I).

The company's research found many Britons are pessimistic about future savings during 2011.

NS&I discovered that 41 per cent of females are saving for leisure activities such as holidays, and prefer short-term savings goals whereas less than a third of men prefer this method.

In comparison over a quarter of men said they were saving in case of an emergency with 26 per cent putting money away for retirement.

Tim Mack, saving spokesperson at NS&I: "The start of the new financial year is a good time to look at goals for the year ahead, and asses both short-term activities and long-term plans.

"Now is the perfect time of year for people to spring-clean their finances and adopt new positive savings habits."

Recently, M&S revealed that 47 per cent of people are not saving for retirement at all.

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