Half of the UK either cut or quit saving last year
THE ECONOMIC squeeze on households caused nearly half of UK adults to reduce or cut their savings over the past year, new research claims.
A survey from the Money Supermarket website showed that the main reason for reducing saving activity was to fund everyday life.
Of those who have reduced savings, 18 per cent cited the need to pay off debts such as personal loans or credit cards.
The tough economic situation has also meant that the public’s spending habits are changing, the report argued.
The majority of respondents said they have cut down on eating out, buying new clothes and going on holidays.
One sixth of Britons have stopped saving altogether, the survey found.
The east Midlands and the north west were the top regions where most people had stopped or reduced their savings.