People don't save even if they can

People want to save for many reasons: for unforeseen circumstances, retirement, holidays, or to avoid debt. Others think it is a good idea to save because they should.

While not everyone is in a position to save, of those who can save and knowing its benefits, few do it. According to Money Charity, about half of all Britons don't have money saved to fall back on. In the United States, the average saving rates were around 7.6 per cent in 2019.