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Lack of spare income hitting savings, claims Lloyds

According to the latest Lloyds Bank Savings Index, around 36% of Brits have less than a month’s income saved, and 27% will either save less or stop saving altogether over the next 12 months.

The number of consumers who have been able to save remains stable, with 24% stating they are able to save regularly throughout the year. Attitudes towards savings remain similar to previous quarters, with 88% agreeing that it is important to have a minimal amount in savings accounts to protect against unexpected costs or changes in circumstances. Nonetheless, just 49% of consumers feel they have enough to cover unexpected outgoings.

Of those who had not saved in the past 12 months, 43% stated it was because they had no money left at the end of the month, with 45 to 54-year-olds accounting for 30% of this group.

Andy Bickers, savings director at Lloyds Bank, said: “Many consumers are still feeling the squeeze; this means they don’t have the spare money to put into savings.

“However, it is encouraging to see that the vast majority of people feel that it is important to save regularly, and the amount of people saving has remained stable again this quarter.”

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