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Lack of savings doesn't help debts
21/11/2005 17:19:00
One in five Brits do not save any money at all despite constant warnings about the nation's escalating consumer debt, according to Bradford & Bingley's Savings Report.
When it comes to the clash between wanting to spend money now versus saving money for later, it is the former that appears to be winning.
Just one in three people are saving on a regular basis, while 11 per cent of people spend freely on expensive gadgets, clothes and trips abroad.
Steve Potter, head of savings at Bradford & Bingley, said: "The spending culture has certainly replaced the savings culture in the nation's consciousness.
"With so many attractive interest-free deals many people are being tempted to buy now and pay later. Just how much they will later pay, however, remains to be seen.
"What's clear though, is that if consumers don't start looking to the future and putting in place proper savings plans they'll be facing many 'cash strapped' years."
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