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Bad credit loans debts 'more of a priority than saving'
Debts such as bad credit loans debts are being prioritised by many Britons.
A survey from Moneysupermaret.com, a financial website, showed that one in five are using spare cash to pay off their debts.
They also said that they had currently "given up" on putting money by in savings accounts.
This follows recent aggressive cuts to savings account rates from the Bank of England.
The policymakers have slashed lending rates from five to just 0.5 per cent.
Kevin Mountford, head of banking at moneysupermarket.com, commented: "Gone for now are the days when numerous accounts were returning over seven per cent. Now, you are doing remarkably well to find an account paying four per cent."
A survey from Nationwide revealed earlier this week that just 46 per cent of Britons save money regularly.
Around 52 per cent also told the building society and savings accounts provider that they had no intention of changing their saving habits over the next six months.