People 'cannot save due to living costs'

The cost of living is preventing people in the UK from putting away a substantial amount of savings, it has been claimed.

According to figures from the Post Office, 43 per cent of people said that Christmas had an impact on their finances and the amount they saved during the period.

Indeed, 21 per cent of Britons commented that the cost of the holiday season means that they have not been able to put money away until this month.

Post Office director of savings Richard Norman advised people to "try and keep saving regularly".

He said: "Millions of people are missing out on earning interest on their savings and have to live without the security of having a 'savings safety net' if they ever found themselves in financial trouble."

Figures from money charity Credit Action show that the UK is currently in more than £1.3 trillion of personal debt.

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