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Cost of living makes it difficult to save

Research from Nationwide Building Society shows savers are struggling to put money aside.

More from Trends and Analysis
29 October 2013

Cost of living makes it difficult to save

Thanks to the rising cost of living, people are finding it more and more difficult to put money aside for the future.

Research from Nationwide Building Society shows that 62 per cent of people say that they are unable to save more than they already do, which is a worrying statistic given that it also found 21 per cent have £500 or less in savings and 11 per cent have under £100 to their name.

Head of savings pricing at Nationwide Darren Bailey said: "The rising cost of living continues to impact family finances and despite wanting to save, many are finding they just don’t have the spare money."

People who are struggling to save should start considering options to make this easier and there are a number of banking products available that can help with this.

Getting a credit card that offers cashback is one way of ensuring that you have more money in your account in spite of outgoings.

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