Having savings is a luxury for many people. Recent research suggests that one in four UK families has less than £95 in savings. Your level of income is obviously a huge factor, but you’re also up against some significant psychological forces that can make spending far more tempting and gratifying than saving.
People in the UK currently manage to save just 3.3% of their net income and this amount has dropped significantly in recent years. If you don’t save at all, how can you start? Maybe you do but you need to boost your savings pot – how can you get past the obstacles in your way? Is it possible to change your behaviour if you’re “bad with money”?
Some simple steps could help you get started: