Almost 12 million 'unable to save in last two years'

Some 11.7 million people have not been able to set any money aside for their future over the past two years, a new study has claimed.

Almost two in five people (37%) rarely or never save for the future, while more than a quarter (28%) find managing their money and making financial decisions difficult, according to Citizens Advice.

Those aged between 35 and 44 are the least likely to save, with the study suggesting this was due to financial pressures such as childcare costs, mortgage repayments and household bills.

Those on lower incomes are less likely to set money aside: 42% of people on an income of £10,000 to £19,000 rarely or never save money, more than twice as many of those on £45,000 or more (19%).

Citizens Advice chief executive Gillian Guy said saving for the future felt like "an impossible task" for millions of Britons.

"For a lot of households the money coming in often matches the money going out, which means there is little or nothing left to save.

"Without some sort of nest egg, people do not have anything to fall back on if there is a sudden expense or change in circumstances.

"Not everyone is confident in their ability to manage their money and many would appreciate support at key moments in their life such as when they have a baby or buy a house.

"That is why it is really important people are able to access free guidance and advice to help manage their finances and sort out debts to ensure a more secure financial future."