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Cornwall's Savings Warning

news - money

Published by the Pirate FM News Team at 11:30am 20th February 2012

There is a warning people in Cornwall are dicing with debt.

A new report says people in the Duchy have smaller savings than almost anywhere else in the country.

It claims, on average, we have £2,600 stashed away.

But the Duchy still ranks in the bottom ten across England.

Martin Rutland did the research.

He says it is a worry if your job is under threat:  

"The ordinary man or woman in the street only has around £1500. That's a concerning level because it only equates to about 36 days average take home pay and if you consider it can take you six months to get back into work, there's quite a gap there"

He says he has had to re-think the way he saves:

"If you've got a direct debit that goes into your savings account and that's the first thing that goes out when you get your wages you don't miss it quite as much. If ever I was to say "Well, let's do my spending in the month and if there's anything else I'll think about saving it, it simply wouldn't happen"




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