Only a quarter of UK residents saving enough

Ben Southwood
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THE VAST majority of Britons are still not saving enough to meet their long-term needs, according to data out this morning.

Just 27 per cent of UK residents surveyed said they were saving enough for the future, Scottish Widows said, with 36.5 per cent saying they definitely were not putting sufficient funds away for their long-term needs.

Some 31 per cent of UK adults were doing no saving at all, the data showed, while 57 per cent said they were saving less than two years before.

But Scottish Widows’ numbers put 2012 saving at £2,764, up from £2,642 in 2010, though down sharply from 2009’s £3,467, when the recession had had less time to cut into household finances.

On the bright side, saving looks set to rise in 2013, with households expecting to put away £2,835.

The straitened times have seen households turn to family members for support, with 40 per cent of respondents saying they had given or loaned their relatives “substantial amounts of money”.

If the recession carries on – or even worsens – restaurants could be in for a hit, the data suggests, with respondents saying that eating out would be the first thing they cut back on if they had to rein in their spending.

Nights out are second expenditure in line for the chop, followed by cinema, theatre and concert tickets, short holiday breaks and digital media such as DVDs, CDs and computer games.