Brits still missing savings targets

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A large number of Britons are failing to meet their savings targets, according to a new report.

The National Savings & Investments (NS&I) quarterly survey found that Brits are managing to save only half as much as they would wish and a one in two state that their finances are a real worry.

People are managing to save an average of £84 a month despite aiming to set aside £176, which would account for almost 14 per cent of income.

Despite men earning an average £1,508 per month compared to £1,047 for women, females manage to save a higher percentage of their earnings, at 6.84 per cent compared with 6.37 per cent for men.

"Although women are affected by the double whammy of lower pay and the fact that many take career breaks or work part-time, they have impressed with both their actual savings and intentions", commented NS&Is senior savings strategist, Dax Harkins.

Almost three in five of those men who are concerned about their finances have taken no steps to improve their situation, the survey found.


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