A rising number of Brits are no longer saving, Abbey Savings has discovered.
Although those who do save are putting away more, around 40 per cent are not saving anything aside for a rainy day.
Such news is important for people approaching retirement, who may find they need to find alternative ways of funding their non-working life, with equity release one possibility.
Reza Attar-Zadeh, director of savings and investments at Abbey, said: "It’s not too late for those Britons who haven’t yet kick started their savings habit to make a start – putting aside even a small amount each month will quickly add up."
The study found that 65 per cent of people have an instant access savings account, while nine per cent have savings bonds.
Equity release can be a great way of providing a nest egg for people who are approaching retirement and are concerned about how they will fund it.
For day-to-day expenses or even an exciting holiday, it can be a great alternative to traditional pension options.
By Claire Ford
