Importance of regular saving highlighted

A spokesperson from a financial advice website has advised Brits not to be put off saving because they do not necessarily have large amounts of cash to put away each month.

Richard Brown, chief executive of Moneynet.co.uk, said that when it comes to savings, a little goes a long way and could significantly benefit people in the long run, especially given the current economic climate.

"A regular savings habit is brilliant, even if it is only £10 or £20 a month, at least you have made a start. It's not a lot of money, but it gets you in a habit for when you are in a position of earning more money. It's just good housekeeping," he commented.

According to figures published by Nationwide this month, 74 per cent of consumers said they think saving is important, but only half of consumers were found to save regularly.

Meanwhile, 57 per cent said they do not feel they are saving as much as they should, with 49 per cent saying it is because the economic turbulence means it is a bad time to save.

In related news, Brits may be forced to dip into their savings in order to cover the rising cost of food - a recent study from MySupermarket.co.uk said the average family will now have to find an extra £780 a year to put the same items in their shopping basket as last year, reports the Scotsman.