Almost six million households dipped into their savings to cover monthly household spending in the last month, a report has found.
According to Which? "the big squeeze had turned into the long squeeze" with many consumers are unable to save, too worried to spend and unable to cope with financial shocks.
Half the people surveyed, who have yet to retire, say they are not paying into a pension.
And more than a third of people say they have no intention in saving for their future.
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Stamp duty is to be abolished for first-time buyers on properties up to £300,000, Chancellor Philip Hammond has announced in his Budget.
Chancellor Philip Hammond has delivered his Budget which he believes will help build "a Britain fit for the future".
Stamp duty for all first-time buyer purchases up to £300,000 is to be abolished immediately, Philip Hammond has announced in his Budget.