Media comment: Equality Trust Savings Findings

Thursday 27th October 2016

Caroline Siarkiewicz, Head of UK Debt Advice for the Money Advice Service comments on Equality Trust findings: 6.5 million households have too little saved to last the month.

“People often don’t think they can save, but when put to the test, they can not only build up a savings pot, but they can save regularly too*. Saving is vital so that people can better cope with life events, reducing the risk of falling into debt. When it comes to people in debt, we need to make sure that saving is built in alongside repayments to put people in the best position to stay debt free. Information about how to start saving can be found on the Money Advice Service website.”

*Research from Money Advice Service’s Closing the Savings Gap report , September 2016 found 23% of adults with a household income of less than £13,500 were able to accrue more than £1,000 and 40% were saving regularly