Double-dip recession hits UK savers

Bank of England

As a double-dip recssion has been confirmed, The Bank of England has warned Britons that in order to enjoy a comfortable retirement, they will have to work more and save more.

The caveat was issued in the Bank’s latest Quarterly Bulletin, where they also observed that “saving appears to be too low” and that young professionals will be forced to work much harder if they are to enjoy the retirement lifestyles of the preceding generations.

The report stated: “If current households choose not to pass on those gains to later generations, they may be able to spend more and save less. Future generations, however, will need to save more for their retirement or work longer,”

UK savings rates have been faltering for 25 years now, prompting the Bank to admonish Brits for “saving too little for some time”.

With life in the UK becoming increasingly stressful, it’s no surprise that our future professionals and decision makers are increasingly examining options overseas. In stark contrast to England many other countries, including popular expat destinations such as Singapore and Qatar, are weathering the financial storm and emerging with a positive outlook and positive growth.