Britons Save Less Than French and Germans
UK savers save half as much as the French and Germans
17th September 2004
Research by Liverpool Victoria suggests that Britons save only around half the amount of the French and Germans. The average UK saver saves 5.5% of their income, compared to 10% in Germany and 11% in France.
The proportion of income that Britons save is roughly the same as they spend on luxuries such as eating out and alcohol.
Against the backdrop of record borrowing, Liverpool Victoria spokesman Nigel Snell commented that the survey showed that a borrow and spend culture was 'well entrenched' in the UK, with only 13% of the population saving for their retirement.
However, the same survey showed that US consumers are even more short sighted, saving only half the amount of UK households.
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