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Poor savers could benefit from life insurance

Date: Wed, 22 Mar 2006

A new study shows that many adults are failing to save enough even though they know they should.

Research from Scottish Widows revealed that 21 per cent of people believe that it is beneficial to save up regular small amounts and 19 per cent think it makes good sense to have a rainy day fund. However, it seems that many are ignoring their own advice.

Around two-thirds of UK adults are not actually saving any substantial amounts and could benefit from taking out life insurance to ensure their loved ones are financially protected if the worst was to happen.

Savings expert Anne Young from Scottish Widows said: "Our research shows that people do have some very good tips on good savings habits, but few are actually putting these tips into practice regularly."

She added: "It is important to get into a good sense of saving routine as soon as possible, even if all you can afford is a little bit each month."


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