11.7 million people in Britain admit to not being able to save enough money for the future, according to new research published by the Citizens Advice Bureau (CAB).
The respected advice charity warns that two in five people (37%) rarely or never put money aside for a rainy day, with 28% saying they struggle to manage their own finances and make difficult decisions.
The CAB has received around 1.8 million queries about managing debt and personal finances in the last twelve months alone.
Perhaps understandably, people on the lowest incomes of £10,000 to £19,000 rarely or never save money. However, only 19% of people earning £45,000 a year are saving for the future.
The findings from a YouGov survey of 2,041 GB adults found that people aged 35-44 years old are struggling the most (42%), possibly due to financial pressures such as child care costs and household bills.
27% of respondents to the survey said they would normally seek financial advice from a bank, while 21% prefer to approach friends, family members or colleagues.
Gillian Guy, chief executive of Citizens Advice said: “Saving for the future feels like an impossible task for millions of people.
“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 don’t 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 key moments in their life such as when they have a baby or buy a house.
“That’s why it is really important people are able to access to [sic] free guidance and advice to help to manage their finances and sort out debts to ensure a more secure financial future.”
Average household debt is set to reach £10,000 by the end of 2016, with unsecured borrowing set to rise from between 4% and 6% over the next two years.
The total household to debt income ratio is nearing 172%.
Low interest rates are helping to keep the cost of borrowing down, but a small rise of just 2% could tip some struggling households over the edge.