Nearly half (48%) of all young adults (18-34 age brackets) said a lack of disposable income affected their ability to save. Three quarters of 18-24 and 63% of 25-34 year olds cut on spending in order to save. Almost four in five (79%) of those with savings admitted to having to dip into their savings to cover their day-to-day living expenses. New research by NS&I has revealed that nearly one in four people in the UK (23%) have no savings at all. This comes despite 77% of people saying…
During the financial crisis, the UK government stepped in to nationalise some of the country's biggest banks; coming onto the public sector’s books, they joined a retail savings bank set up by the Treasury over 150 years ago. Matt Ross meets Ian Ackerley, chief executive of NS&I. Image courtesy: Brenna Duncan.
1 in 3 Britons are unaware of how to trace a lost financial product, as NS&I reveals 7 million people admit to losing track of their finances
While losing money is common, with those prone to misplacing things often finding spare change in pockets (66%), bags (37%) and drawers/cupboards (34%), new research from NS&I reveals that 14% of Britons (7 million people) think they may have lost track of a financial product.
NS&I’s latest edition of its Financial Advice Barometer indicates that while security remains the top priority for advisers’ clients (55%), there has been a drop of 10 percentage points, from 14% in January 2018 to 4% in April 2018, in those citing income (regular and consistent returns) as the most important priority.