Over 4m have no savings
Over 4m have no savings
Thursday 16th October 2008
The bank's Financial Face of Britain report involved a survey of 5,000 adults which also found that one in five people have less than £500 in their savings and more than one in three do not save on a regular basis, with 57 per cent citing a lack of spare cash as the reason.
Amid the impact of the credit crunch, many consumers are vulnerable to financial difficulty and problems with debt, the report suggested.
Ian Larkin, managing director of consumer banking at Lloyds TSB, said: "Economic conditions are set to become more challenging and a healthy savings balance could prove to be a financial lifeline for some families during the economic storm."
More than two million families are failing to save enough money to fund their child or children's futures, the study also found, which could see adults get into financial difficulties as their children grow up.
The government announced consumer prices index inflation rates of 5.2 per cent this week, with electricity prices having recorded an annual increase of 30.3 per cent since August last year.
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