Britons are among the worst at saving from their disposable incomes although they take sensible risks when investing, according to a survey by Liverpool Victoria.
Research published by the friendly society shows that fewer people in the UK than in any other country surveyed put their disposable income towards saving for their future or retirement. Only 13 per cent of people surveyed say they save compared with 19 per cent in Germany.
Head of external affairs Nigel Snell says the research shows that the borrow and spend tendency is well ent-renched in the UK.
Germans have the lowest income of all the countries surveyed but save an average of 9.6 per cent of their income or £2,246 a year. The French save the most at 11.1 per cent or £3,265 a year while the British save just 5.5 per cent or £1,590 a year. US households save the least at 2.5 per cent or £1,142 a year while Australia saves 4.5 per cent or £1.427.
Despite the reluctance to save Britons and Australians adopt the most sensible attitude towards where they put their savings. Britons strike a balance between risk and return, with 46 per cent prepared to take a limited risk.
Snell says: “It is encouraging to see that Britons and Australians take limited risks with their investments. This confirms that people recognise the value of investments like with-profits products which are positioned between higher-risk direct-equity investment and lower-risk deposit account, where returns are sacrificed for greater security.”