Over One Third of Consumers Have No Savings for a Rainy Day
(firmenpresse) - LONDON, ENGLAND -- (Marketwired) -- 12/02/13 --
The latest Savings Index shows a stable picture for the nation's savers; however it does highlight the low level of savings that consumers currently hold. 36% still have less than one month's income saved, and 27% will either save less or stop saving altogether over the next 12 months.
In terms of amount saved, 36% of respondents indicated this was less than the equivalent of one month's income. This figure is driven primarily by the 25-54 age group, where 40% indicated savings level equivalent to less than a month's income. On this metric, Londoners fare slightly better (29%), while those in the North East, Yorkshire and Humberside worse (40%). Overall, 15% of respondents indicated they did not know their current level of savings.
In Q3 2013, 27% of consumers think they will save less or stop altogether over the course of the next year. However, this sentiment has been gradually improving since Q4 2012, when the Lloyds Bank Savings Index launched, when this figure was at 32%.
The outlook for savers...
The number of consumers who have been able to save remains stable, with 24% stating they are able to save regularly throughout the year.
Attitudes towards savings remain similar to previous quarters, with 88% agreeing that it's important to have a minimum amount of savings to protect against unexpected costs or changes in circumstance. Nonetheless, only 49% of consumers feel they have enough to cover unexpected outgoings.
Lack of spare income to blame...
Saving for the rainy day fund continues to be a challenge, with many consumers saying they are unable to save because they simply do not have spare income. Of those who had not saved in the past 12 months, 43% stated it was because they had no money left at the end of the month, with the 45 to 54 year olds accounting for 30% of this group.
The number of consumers who state they needed to dip into their savings more than once over the course of the year remains stable, with 55% of those that have saved in the last 12 months doing so. Of those who have withdrawn from their savings account, the most common reason is to pay for a holiday or unexpected outgoings.
Across the nation...
Andy Bickers, Savings Director, comments:
"Many consumers are still feeling the squeeze; this means they don't have the spare money to put into savings. However it is encouraging to see that the vast majority of people feel that it is important to save regularly, and the amount of people saving has remained stable again this quarter."
Contacts:
Chris Tuttlebee
0207 011 6583 / 07850 723184
Siobhan McCluskey
020 7661 4669 / 07795 611179
Chris Tuttlebee
Media Relations Manager, Lloyds Bank
020 7356 1343 or M: 07850723184
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Datum: 02.12.2013 - 15:11 Uhr
Sprache: Deutsch
News-ID 321752
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LONDON, ENGLAND
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Commercial & Investment Banking
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