The Money Stop

Making a regular habit of putting some money aside in a savings account each month is “just good housekeeping”, the chief executive of Moneynet.co.uk has said.

Richard Brown emphasised the importance of saving money, saying that it is a “brilliant habit”.

He pointed out that even a small amount can make a difference.

“We looked at several accounts and if, for example, you save £25 a month with Halifax, that’s £330 with your ten per cent…It gets you in a habit for when you are in a position of earning more money,” he explained.

Although three-quarters (74 per cent) of people recognise the importance of saving, only 50 per cent make an effort to save regularly, according to figures from Nationwide.

Furthermore, nearly 57 per cent of Brits said they are not saving as much as they think they should and just 41 per cent believe they will in a position to save what they think they should in six months’ time.

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