Saving should be encouraged among others who often work hard and spends more but does not leave any amount to spare for future needs. People nowadays are having a hard time doing all the budgeting because everything seems to be increasing but jobs are not that stable and the salary is not even increasing. It is a challenge to those who have spent most of their lives at work. Devoting their time to their profession to earn more money and to live and pay for their daily needs. A lot may have been affected by the recession and most of the time people have debts that they can’t even handle.
A new study has revealed and alarming result among the Britons. It was found out that there is fifteen million Britons who do not save or even thinking of saving for their future. The study also included that there were more and more Britons borrowing money in the form of loan and this are big amount of money to be able to sustain their needs on a daily basis. In the United Kingdom’s population there are 31% who fail to save last year. The study has shown that families fail to save because they loan money to give to their children. It would turn out that the burden is placed on the parents.
The finances of the parents would probably fall and they could no longer have the chance to save. Same research has found that many grandparents would offer help to their grandchildren. Most of the Britons often cut their savings since they need to prioritize the cost of living which has been drastically rising. The annual living cost that has increased was caused by many factors that include lifestyle, education, and the increase of life expectancy.