Over half of Brits say they do not earn enough money to put some into a savings account, it has emerged.
Research from Birmingham Midshires has found 55 per cent of UK workers say they cannot afford to save money .
According to the study, young people are more likely to save if they earn £1,423 a month whereas those aged between 34 and 44 state that they will only save money if they earn a minimum of £2,000 per month.
Director of Savings Operations at Birmingham Midshires Jason Robinson remarks that there has never been a better time to take advantage of the high interest rates offered by savings accounts .
"The big concern is that savings seem to be viewed by many as an unaffordable luxury," he comments.
Mr Robison adds that by putting a small amount of cash into a savings account fairly often, savers should reap the rewards.
In related news, savings accounts interest rates have topped seven per cent for the first time, Moneyfacts.co.uk has found.
Rachel Thrussell of the firm comments that the "savings frenzy" has continued.
Brits don't earn enough to save, finds survey
Brits don't earn enough to save, finds survey
Thu, 13 Sep 2007
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