Saving and investing news
Increased living cost squeezing savings
2 April, 2008
The increased cost of living is making it harder for people to save money, it has been claimed.
Gareth Mackie, a spokesperson for Halifax, explained that as things such as utility bills, mortgage payments and council tax increase, people discover it is tougher to find enough money to put into a savings account.
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However, while having a savings account is to be encouraged, people should deal with their debts first, he stated.
Mackie said: "The advice is to keep on top of bills first of all because they're the important things to pay, be it mortgage, rent, council tax or utility bills. If people are ever in financial difficulty [they should] speak to their providers and also another bank or building society."
He added that it was not in the interest of the consumer of the bank for someone to get in to serious debt.
A recent survey by Sainsbury's Bank found that 43 per cent of those under 24-years-of-age say they are unable to save any money at all.
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