More Brits saved less in 2011

By Sarah Engle, Tue 21 Feb 2012 - Published in Banking

Over 23 million Brits stopped or reduced the amount of money they were putting into savings in the past year.

Research by Moneysupermarket.com found that 47 per cent of UK consumers cut down on their savings with the survey revealing that 12 million people have been forced to stop due to the increasing cost of day-to-day living.

With the rising rate of energy bills more and more homeowners are finding it difficult to keep up with the payments and it has forced many to forget putting money away for future investments.

In a bid to save money the survey found that 45 per cent of people no longer ate out and a further 40 per cent cut down on buying new clothes.

Kevin Mountford, head of banking at Moneysupermarket, said: "It comes as no surprise that many people have reduced and even stopped saving completely at a time when the cost of living is high against a backdrop of ongoing low interest rates."

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