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Eight million Brits have no savings, says report

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23/07/2013
Eight million Brits have no savings whatsoever as the effects of the financial crisis continue to hurt households, research reveals.

A third of people claim they have had to cut back on saving due to rising costs, while a quarter are using their savings to support family members, often with essential day-to-day living costs, according to the report from Legal and General and NOW: Pensions.

One in five people are also seriously concerned about their job security, with over half (56%) of working adults saying that if they were to lose their main income they would only be financially secure in the short term or, in the worst cases, not at all.

Simon Watts, savings expert at Scottish Widows, said:”When we are faced with immediate financial commitments, such as mortgage payments and day to day living expenses, then it is absolutely necessary to give these pressing needs priority. However, taking a wholly short-term view of our finances will mean we are unprepared for the financial needs and challenges that lie ahead in the future.”

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