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Saving 'should be a priority'

By Sarah Engle, Tue 29 Jul 2008 - Published in Banking

People should compare money-saving schemes and start putting cash aside for the future as soon as possible, according to Alliance & Leicester.

A study carried out by the building society found 29 per cent of people in the UK do not have any money put away for a rainy day.

Of those people, 68 per cent put their lack of savings down to the fact they do not have any spare cash, while a further one in twenty said setting money aside for the future was not a priority.

However, Aliiance & Leicester claims by putting £50 a month in a savings account, people could see their savings swell to £2,680 by the time London holds the Olympics in 2012.

Manager for savings at the building society Hetel Parmer said: "It's important to remember that saving today will provide security for tomorrow."

Elsewhere, as the credit crunch takes hold and people start to find it more difficult to sell their homes, Consilium Financial Planning has said the divorce rate in the UK is likely to fall.