One in three relying on savings to survive the cost-of-living crisis

Suffolk Building Society chief executive Richard Norrington has commented that new data on saving habits from the Building Societies Association (BSA) highlights a "bleak outlook" in East Anglia.

The data has revealed that one in five savers in East Anglia say that if they lost their income they wouldn't have enough savings to cover their living costs for even just one month.

Mr Norrington said: "As the BSA's research highlights, and as is very much evident in our home county, the average savings statistics mask the bleak outlook for many people."

Research has also revealed that more than half of savers in East Anglia have reduced the amount they used to save and more than a third have stopped saving altogether as a result of the crisis.

On the flip side, Suffolk Building Society said it was "encouraging" that over three-quarters of those in East Anglia with no savings said they could save £10 a month.

The BSA data revealed that the average person in the UK has £17,356 stored in savings, but also found that one in seven said they have no savings at all.

Mr Norrington added: "We're fully behind the efforts of our industry body, the BSA, in highlighting the importance of saving. However, they and we know that saving isn't for everyone right now.

"Most, if not all, people will wish they had a larger pot of money to rely on as the cost of living continues to increase, so even if people can't afford to save immediately, we hope to plant the seed of an idea that they might be able to return to when their household budget allows."

In regard to interest rates, the new research found that around one in four savers in East Anglia don't check the interest rate paid before they open an account, with a third never comparing the rate on their savings to other accounts available.

Mr Norrington said: "Of course, as interest rates have been historically so low, this hasn't been a recent issue, but as they start to rise savers could be missing out."