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Budgeting to blame for poor savings

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Brits claiming they cannot save on a monthly basis are not budgeting well enough, new research has claimed.

Research from IFA Promotion found that 70% of the UK adult population claimed not to be in a position to increase the amount they saved each month. However it revealed that if people got a 25% increase in household income, UK adults would much rather spend the additional money than save it for their financial futures.

The most popular use for an increased income would be to spend some of it on a holiday, with nearly two thirds of UK adults (63%) choosing to do so. Over half the population (54%) would use the money to fund home improvements, and 46% would put cash towards updating their wardrobe. In contrast, only two in five adults (40%) would pay anything off their debts and a similar proportion (44%) would channel money into their retirement savings.

David Elms, Chief Executive of IFA Promotion comments: “Despite well-documented and countless warnings that as a nation, we are not saving enough, it seems that people are yet to adopt a sensible savings mantra.”

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