New research published by Citizens Advice reveals that 11.7 million people have not been able to save any money for the future in the past two years. In its study, the charity highlights that two in five people (37 per cent) say they rarely or never save for the future and over a quarter of people (28 per cent) find managing their money and making financial decisions difficult.
The report reveals that those struggling with saving is not isolated to one generation with respondents from all age groups saying they rarely or never save. The research did find that people’s saving behaviour is directly related to their income.
When asked where they would turn to for money guidance, 27 per cent of people say they would go visit their bank while one fifth said they would turn to family, friends or colleagues on how best to manage their money. Previous research from Citizens Advice found almost half of the adult population would have taken money advice at different key moment of their lives if they had been offered it.