15% of Brits have never used a savings account
One in seven Brits has never placed their money in a savings account, new figures have revealed.
A survey of UK residents by National Savings and Investments (NS&I) found that 15 per cent of people have never put any money by.
In addition, it was revealed that many do not begin to put funds aside until their 30th birthday and 13 per cent waited until they were 40 or older. The average age to begin saving was 25.
John Prout, of NS&I, said that it is important that people view saving as a long-term commitment.
"It is important not to see savings as just a reaction to major events. Our research shows that 32 per cent of savers say that they have saved in the past but have not managed to continue putting money away," he explained.
Almost one-quarter of those surveyed admitted that they wished they had saved more to deal with the current economic climate.
Moneynet.co.uk said recently that those looking to make their most of their money should look beyond instant saver accounts to a more diverse range of products.
Posted by Chris Moore.