Brits not saving enough

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A large proportion of Britons do not believe they are saving enough, according to a new report.

A study by IFA Promotion has found that 72 per cent of Brits believe that they are saving insufficient funds in either pensions or private savings schemes.

In addition, some 4.8 million people in the UK do not have a clear idea as to what financial position they are in, making it difficult to budget properly and save a decent amount each month.

However, there are hopes that last weeks 0.25 per cent base rate rise by the Bank of England will prompt people to pay more attention to their savings, as the cost of borrowing rises and the rewards for saving increase.

"The interest rate rise is minimal, but has met a shock reaction, which I hope will trigger people to finally take their heads out of the sand and act logically when it comes to their future financial security," said David Elms, IFA Promotions chief executive.

"What we really need is a long-term commitment to saving. With the prospect of increased rates of returns, now is an ideal time to start."

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