Tuesday 28th August, 2007 

Over-spending is the main reason why Brits don't save and why the national personal debt levels are so high. Figures revealed today by the Post Office also indicate that one in 4 did not save at all.

The Post Office, marking its 145th anniversary of national savings, revealed figures about the state of the nation's savings. Research figures also reveal that a third of Brits save infrequently. Contrast this with 70% who regularly play the National Lottery and it can be seen that we are more likely to play the lottery than save.

The main reason for not saving was a lack of spare cash (71%). This was broken down into 27% who have too many debt, while 17% spend their money before they can save it.

For the lucky ones who save, the research revealed that the majority of Britain's savers (56%) indicate they are not saving for anything in particular. Of the people who are saving for a purpose, 29% of people save for a holiday.

The age groups splits reveal that 35% of 18-24 year old are saving for deposits to get on the first rung of the property ladder. Topping up their pension plans was the main concern of the savers aged between 55-64 years.