Savers have 'heads in sand'
BRITONS are in denial over their money problems, one of the UK’s banking giants warned yesterday.
Despite three-quarters of consumers worrying about their finances, nearly the same number have not changed their saving or spending habits. Richard Brown, head of savings at HSBC, said: “This demonstrates a worrying lack of preparation.
“It is of utmost importance that people are setting aside money for emergencies but only a minority have altered their habits. This suggests people may have their heads in the sand and do not realise the need to change.”
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The bank found many have less than £249 in savings – equivalent of five days’ average earnings – while the recommended minimum amount of savings is £4,683, or three months of an average salary.
