ICR197: How to master your savings habit

How do you solve a problem like the nation's savings crisis?

Half of all UK adults do not have any savings or investments and are struggling to put away money. Two out of five UK adults also do not have any long term assets to fall back on, such as pensions or property.

The ONS have released figures for the final quarter of last year, which found the UK's household saving ratio absolutely plummeted to its lowest level since records began. 

In this episode, I share seven tips for saving more.

Personal finance news update

-Millions of credit card customers are unable to clear their debts and need more help, according to the Financial Conduct Authority.

-Most active UK equity fund managers underperformed their benchmark last year.

-New research from Aviva has found a lack of confidence in the availability of a future state pension among younger people.

-Lloyds Bank have named the locations of 100 bank branches they will close between July and October.

-New research from Aegon has found that 14% of working age people are saving more into their pension as a direct result of the pension freedoms introduced in April 2015.

Money article of the week

How to improve your readiness for retirement, by Robert Powell on USA Today

Random fact of the week

In 1695, the English parliament passed The Marriage Duty Act or Registration Tax. This Act of Parliament imposed a tax on births, marriages, burials, childless widowers, and bachelors over the age of 25. The tax was introduced to raise money for war on France but also to ensure proper records were kept by an Anglican church official. It didn't prove particularly effective and the tax was abolished eleven years later, in 1706.

Inspirational quote

Our inspirational quote this week comes from Stoic philosopher, Seneca the Younger, who said:

“It is not the man who has too little, but the man who craves more, that is poor.”

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.