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Survey reveals 71% can&#39t afford to save

Nearly three-quarters of Britons cannot afford to save or invest for their future, according to research from Comdirect.

The stockbroker found that 71 per cent of Britons claim the cost of everyday living means they are unable to afford to save.

Comdirect says its research shows the British have the second-lowest savings rate of the 15 European Union members.

Gross savings as a percentage of disposable income was 6.9 per cent in the UK, just above Portugal with 5.4 per cent. Ireland has the most savings as a percentage of income at 23.8 per cent ahead of Finland on 20 per cent.

Comdirect says the research reveals Britons are living for today rather than saving for tomorrow, with at least one in four of 27 per cent of 18 to 24-year-olds and 17 per cent of 25 to 34-year-olds focusing on their social lives.

On a regional basis, the Welsh were the most likely to say they did not have enough money to save, at 85 per cent.

Managing director John Glendinning says: “Despite our daily lives getting busier, the research suggests Brits have enough time on their hands to invest but are deterred by everyday expenses and pressures to meet more immediate commitments.”

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