View more on these topics

&#3921 million adults have less than £500 savings&#39

Savers could put aside another £3.3bn a year without feeling the squeeze, according to research from fund manager M&G.

The Great British Savings Survey reveals that 21 million adults have less than £500 in savings.

But six out of 10 people admit they could save another £10 a month, which would result in the extra £3.3bn.

Despite the poor levels of savings, two out of five people claim they are worried that they have not saved enough to provide for themselves later in life.

The survey identifies four types of saver. These include savings shortfallers who say they cannot afford to put anything aside, savings shirkers who live for the moment and say they are not concerned about the future, sometimes savers who take a haphazard attitude towards savings and savvy savers who adopt a long-term savings strategy.

M&G found the first three categories account for the 60 per cent of the population who do not make adequate financial provision.

The research, conducted by NOP Solutions on behalf of the fund manager, interviewed 1,924 adults between January 30 and February 4.

M&G director Jeffrey Mushens says: “Our research clearly shows there is a great desire among people in Great Britain to get more organised about their approach to savings and to save more.

“However, the key barrier to developing the savings habit appears to be attitude. While some people are successful at saving, many others lack the organisation or commitment to save.”

Recommended

Strong interim results from Standard Life

Standard Life increased new business premiums by 94 per cent to £1.6bn in the four months from November 16, 2000 from £821m in the same period the previous year. Sales of savings and bonds increased by 198 per cent over the same period, to £511m from £171m, while group pensions and annuities were up 111 […]

FSA stops unauthorised firms which took £464,000

The FSA has won High Court judgments to stop two unauthorised firms trading which claimed to offer investors high returns on non-existent investment schemes.NCI International and D&R Consulting Group took deposits worth £464,000 in October 1999. Investors were told the money would be held with a reputable US bank. However, the US company operating the […]

AMP in 6% condition on shortfalls

Mortgage endowment customers facing shortfalls with Pearl, London Life and NPI are the latest to be promised their policies will hit their target subject to certain conditions.Australian financial services group AMP, owner of the three insurers, says the endowments are guaranteed to meet their targets but only if the funds in which policyholders&#39 money is […]

Niche work if you can get it

The mainstream mortgage market is easy to grasp. It services people with straightforward housing needs who have financial profiles that can meet regular commitments such as utility bills, monthly credit card repayments, the mortgage, a car loan or the many other minor payments such as satellite TV and mobile phones.The products offered by lenders to […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com