One-fifth of Britons have no savings, according to Mintel, the consumer intelligence group.
Research by the firm suggests that while the financial crisis and economic downturn have focused attention on the need for consumers to shore up their finances, 35% of adults have less than £500 reserved for a rainy day, while 19% have no savings at all.
Of the totally uncushioned, 22% are women and 17% men, with the findings also suggesting that 22% of Britons with families are without savings.
Forty per cent of respondents believed their financial position worsened during 2010, with low interest rates, repayment of debts and meeting everyday costs the biggest savings barriers.
Mintel’s head of finance, Toby Clark, says: “The accepted wisdom is that low interest rates are stopping people from saving, however we have found that it is only really an issue for the top end of the market and the reality is that meeting everyday costs and expenses is by far the largest savings barrier.”
When asked how to describe their current financial situation, almost three in ten respondents said conditions were “tight”, only just making ends meet.
A further one in ten said they were “really struggling” and in real danger of falling behind with bills or loan repayments.
Four per cent had missed loan repayments or household bills.
Research by the firm suggests that while the financial crisis and economic downturn have focused attention on the need for consumers to shore up their finances, 35% of adults have less than £500 reserved for a rainy day, while 19% have no savings at all.
Of the totally uncushioned, 22% are women and 17% men, with the findings also suggesting that 22% of Britons with families are without savings.
Forty per cent of respondents believed their financial position worsened during 2010, with low interest rates, repayment of debts and meeting everyday costs the biggest savings barriers.
Mintel’s head of finance, Toby Clark, says: “The accepted wisdom is that low interest rates are stopping people from saving, however we have found that it is only really an issue for the top end of the market and the reality is that meeting everyday costs and expenses is by far the largest savings barrier.”
When asked how to describe their current financial situation, almost three in ten respondents said conditions were “tight”, only just making ends meet.
A further one in ten said they were “really struggling” and in real danger of falling behind with bills or loan repayments.
Four per cent had missed loan repayments or household bills.
