The credit crunch is having a significant impact upon people's ability to save, according to new research from a credit reference agency .
A survey by Callcredit found that 40 per cent of the country's population would not be in a position to live off their savings for longer than a single month.
Meanwhile, the credit crunch and rising cost of living is limiting people's ability to save, with one in ten admitting to no longer being able to afford to.
Commenting on the findings, Owen Roberts, head of Callcredit Check, said that the rising cost of living is having "an immediate impact on our ability to save".
"Many of the UK's workforce are at what could be described as a financial tipping point where just one unexpected unfortunate incident could have dire financial consequences," he remarked.
In related news, Moneyfacts recently urged people shopping around for savings accounts to think "exactly" how they intend using the account .
Many people's savings 'inadequate'
Many people's savings 'inadequate'
Wed, 21 May 2008
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