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Third of people 'have no savings'

Almost one in three people do not have any savings at present, according to the Association of Business Recovery Professionals (R3).

Given this alarming statistic, it is safe to assume that many people do not have a contingency plan should their income fall or their outgoings increase.

This revelation follows a quarter-on-quarter rise in the number of insolvencies, which was expected given the amount of job cuts and compulsory redundancies that have recently taken place.

However, Frances Coulson, R3 president, believes the rise in the number of personal insolvencies is also partially linked to the fact that many people do not have savings to fall back on should their employment situation change.

Ms Coulson also suggests the rise in the rate of personal insolvencies has not peaked.

She added: "The increase in personal insolvencies is likely to continue; we have seen over recent months living costs rise and high inflation effectively reducing 'take home' pay. Added to the fuel hike that will hit families in the winter months, this may be the start of a worrying trend."

Copyright © Press Association 2011

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