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Newsletter

People 'borrowing more and saving less'

By Sarah Engle, Mon 7 Jul 2008 - Published in Banking

Brits need to compare money-saving deals and start planning for their financial future, according to Unbiased.co.uk.

Borrowing rose by £22.4 billion in the first three months of 2008, research by the group has found.

This is a rise of £13 billion compared with the same period last year, it states.

The survey revealed for every pound that Brits saved in the first quarter of 2008, they borrowed 69p, not counting mortgage debt.

In 2007, 29p was borrowed against every pound over the same period.

As well as an increase in borrowing, people have also been saving less during 2008 with a dip of £11 billion in the amount of money put away for a rainy day.

David Elms from Unbiased.co.uk said: "Consumers are playing double jeopardy - not only increasing the amount they are borrowing, but also reducing the amount they are saving."

Meanwhile, Sainsbury's Finance has warned savers need to be aware of the restrictions that come with some high-interest accounts.