Saving levels in UK remain low due to lack of spare money.
BANKING AND CREDIT NEWS-November 10, 2014-Saving levels in UK remain low due to lack of spare money
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British retail bank Lloyds Bank revealed on Friday that, despite the improvements in the economy and the number of people saving remaining stable, a lack of spare money is cited as the reason for low saving levels in the UK.
Lloyds has published its Bank Savings Index, which is based on full time earnings, shows that 35% of UK savers have less than one months' income (GBP2,154) saved, while just 50% of the population have less than two months' income in savings (GBP4,308) and only 16% have more than four months' of income in savings.
According to the Lloyds Bank Savings Index, 32% of people are unable to save due to a lack of spare money, however this figure has reduced significantly in the past year and the number of savers remains stable compared to previous quarters, with 26% making regular savings.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Nov 10, 2014|
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