Brits' debt management plans stay on track despite recession
Brits' debt management plans stay on track despite recession
Thursday 11th February 2010
According to research by Barclays, more than half of people feel the recession has not negatively impacted their savings habits during 2009, and 17 per cent are actually saving more as a result.
Just under a third of people are saving less due to not having enough money, and 14 per cent because they do not think it necessary or are not disciplined enough, states the study.
Those within the 16 to 24 age group are making the biggest commitments to their finances, with 67 per cent stating their savings have not been impacted by the recession and a quarter increasing their saving levels as a result.
Not going out as much is believed to be driving the trend.
Head of savings for Barclays Andy Gray said the research demonstrates how people have reacted to the recession and changed their lifestyle to keep on top of their finances.
"The sharp lessons of the recession haven't been lost on people," he said.
"We're hopeful that this is an enduring change - the beginnings of a lifetime habit that will help see them through further good and bad times - and perhaps the younger generation who have never really experienced a downturn like this before, are being influenced by older members of their family."
The Nationwide Building Society recently reported that the total number of regular and occasional savers had reached a 16 month peak at 79 per cent - the highest since September 2008.
News article brought to you by Debt1 - UK Debt Management Specialists
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