Savings Shrink As Costs Rise
Published / Last Updated on 12/08/2008
Savings Shrink As Costs Rise
Britons are saving less for retirement amid rising food and energy costs, says a study. The study revealed that 43 per cent of Britons were saving “far less” of a “little less” for their retirement in response to rising prices at the petrol pump and supermarket. A further 23 per cent had not even started to save for their retirement.
Regional trends also emerged in the research, showing a north south divide with 48 per cent of those in the north most likely to have reduced savings for retirement, compared with 39 per cent in London.
Our view
It is no surprise that savings are being dipped into as costs rise. We suggest the current economic downturn means we have to plan retirement more seriously than we currently do.
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