THE recession has left Britons unable to save, according to new research by unbiased.co.uk.
The professional advice website found that savings decreased by £19bn in July 2008 and have not recovered since, figures show that people are saving just over £16bn after falling from £24bn at the end of 2009. Brits are now borrowing 37p for every pound saved which is a considerable change since mid 2008 when they were repaying £1.67 of their debts for every pound saved.
Debt levels are much higher now but they have dropped since 2009. Overall, Brits are now borrowing just over £6bn which has fallen from £14bn at the end of 2009.
Karen Barrett, chief executive of unbiased.co.uk said: “Brits appear to have started 2010 with a tighter grip on their finances, as they are not borrowing as much as they were in 2009, even though this has resulted in a drop to saving levels.”