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Credit card charges: Tenth of Brits have stopped saving

People experiencing credit card charges may be among the one in ten Brits that has given up saving for this year.

Research by price comparison website moneysupermarket.com revealed that inflation has caused one in five people to save less than they used to, while over half of the nation are unable to save at all.

Kevin Mountford, head of banking at moneysupermarket.com said: "Unfortunately, savings become one of the first casualties when people have to tighten their purse strings.

"Having a saving pot to fall back on to when times are difficult is vitally important, and while it may not be a priority for many people, trying to put some money aside, no matter how small, can make a real difference."

He added that people should consider maximising their income and spending wisely by using things like discount vouchers.

Research showed that just 0.7 per cent of the population say inflation has not affected their savings.

 Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.
 ADNFCR-2776-ID-800496624-ADNFCR



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