Cost.co.uk Responds to Study Showing a Lack of Savings Made by UK Residents

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Study found that most have no savings.

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At Cost.co.uk we do our upmost to provide money saving tips and the best deals possible to consumers in a bid to help them in times like this

According to The Telegraph, almost one third of the UK population is failing to save any money from their regular income. The figure, released by Scottish Widows, totals over 15 million people who are struggling to make ends meet due to the increasing price of living costs and inflation.

Some 31 percent of people surveyed said that they are not currently placing any cash aside and confessed to relying on family members to get through to the next payday. Of those who do have some savings, most have less than £1,000 in a saving account which would fail to cover the average amount needed for necessities such as mortgage, council tax and grocery shopping.

The news is unsettling for Cost.co.uk, one of the UK’s favourite comparison sites. Offering advice, deals and the facility to compare various high street established brands in finance, insurance and travel, the site is dedicated to providing the best money saving deals. As Ian McGowan, head of savings at Scottish Widows said, ‘When we are faced with immediate financial commitments, such as mortgages and day to day living expenses, then it is absolutely necessary to give these pressing needs priority.’

A representative from Cost.co.uk agreed, adding, ‘It is so hard to save when most of the UK is struggling to live on their salaries. At Cost.co.uk we do our upmost to provide money saving tips and the best deals possible to consumers in a bid to help them in times like this.’

Cost.co.uk continues to comment on financial news.

Based in Essex, Cost.co.uk is one of the UK’s leading price comparison sites. Allowing their online customer’s access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.

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Ben Austin
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