Debt prevents two in five from saving

Recent research by Scottish Widows suggests that 85% of Britons say they have no money to save, up from 50% in 2008.

The research also reports that the single biggest reason people are not saving is the cost of daily living (75% of respondents gave this reason).

Almost half of the people questioned (42%) stated that their debts were preventing them from saving any money, according to the Daily Mail.

Anne Young, a Savings expert at Scottish Widows, commented that: "It has become more of a priority for people to reduce their current debts and simply get by on a day to day basis rather than saving for their futures."

A spokesperson for debt management company Gregory Pennington added: "People who are unable to save will have less protection against (further) debt if any unexpected costs occur.

"Anyone who is struggling to pay their debts should contact a professional debt adviser."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.