Savings crisis? It's an economic crisis!

Finance Markets reports on a savings crisis in Britain, as a study by MoneySupermarket.com suggests people are saving far less than in previous years. It's a very real concern, not simply in economic terms or for the banks, but also for savers themselves - simply put, there is little incentive to save at present, and much of the savings market seems to be going overseas to offshore banking services rather than staying within the UK. The irony remains that the very banks that caused this economic crisis are the ones benefiting the most and directly from government bail outs, while the ordinary consumer is being hit on all sides: - low interest rates on savings - rising unemployment - increasing property repossession - wage cuts & freezes No wonder people are put off from saving when there are far bigger personal finance concerns in play. We are in an economic crisis, the biggest since the Great Depression of the 1930's - we can expect that we face further problems across the board, and that the drop in savings is a very real economic canary on what could follow.