Savings safety net ‘shredded’ as Brits to face ‘struggle by summer’

Those with children may find it difficult to build up a savings safety net, as there are a myriad of associated costs with child-rearing. 

The expert warned Britons are set to face challenges which they may find particularly hard to navigate.

She added: “It’s going to be an incredibly difficult year for most people. This is reflected in the fact that in 12 months’ time, everyone except the top fifth of earners and those who own their home outright will be forced to eat into their reserves so significantly that the proportion with enough savings will drop.

“The types of price rises will hurt certain people more than others. So, the fact that a single person still faces energy standing charges and still needs to heat a disproportionately large number of rooms is one reason why they will see one of the biggest drops in resilience.”

But what can people do in efforts to start saving successfully?

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