Third of Britons 'have no savings'

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Around 29% of people said they did not save money because they always spent it all, while 4% claimed they kept their cash at home because they did not trust the banks, according to marketing firm EuroDirect.

One in five people said they spread their money around and had multiple savings accounts in a bid to keep it safe.

Around 14% of the 1,000 people questioned also said they were not happy with their current provider, but could not face the hassle of switching accounts.

Leanne Davidson, head of product management and marketing at EuroDirect, said: "The financial situation is really hitting consumers hard and it's not surprising that people are thinking seriously about where they should be keeping their money.

"It's concerning that so many people do not have savings, not only in terms of their future, but also as it indicates a lack of trust in the savings products that UK institutions have to offer."