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Sainsbury's: Savers fall due to money worries

Overall rates of saving are on the decline, new research from Sainsbury's Finance appears to show.

Just over one third of people polled by the personal loans provider claimed to be "unable" to save anything due to their monthly outgoings.

Moreover, one in five said that they were currently saving less than they were just a year ago.

Overall, British workers were found to be saving 6.6 per cent of their income - while those out of work were putting 4.8 per cent by.

Savings manager at Sainsbury's Finance Neil Cameron said: "Many people are clearly finding it difficult to save, with a worrying number unable to set aside anything at all.

"It is concerning that many people have decreased the amount that they are putting aside in savings since last year."

He added: "At the very least, it is advisable to have money set aside for emergencies and recommendations vary from saving ten per cent or more of your salary to having at least three months' salary readily available."

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