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A survey found that six in 10 (61%) people are finding it harder to save than a year ago.
According to research from The Investing and Saving Alliance (TISA), women (65%) were more likely than men (57%) to report increased hardship.
People stay in yorkshire and Humber (66%), the north west and of England West Midlands (65%), and south west (64%) reported the highest levels of difficulty, while people in the East Midlands (52%), London (55%) and the North East (57%) reported the least difficulty.
Carol Knight, chief executive of Tisa, said: “This research shows that family budgets are under even greater pressure and the scope for savings is shrinking.
“In challenging economic times, every financial decision has greater importance, and being equipped to make those decisions correctly matters more than ever.”
Last week, the government outlined its financial inclusion strategy to help improve access to financial services such as bank accounts, insurance, savings deals and affordable loans, as well as plans to strengthen financial education in schools.
Savanta conducted a survey of 2,000 people across the UK in August for Tisa, a not-for-profit organization whose member companies are involved in the supply and distribution of savings and investment products.