Despite spiralling levels of personal debt more than three-quarters of the population would still rather save for the future than borrow.
According to research published by the Co-operative Insurance Society (CIS), 76 per cent agreed that they would rather save for something than go into debt to get it, with only 21 per cent believing that there is little point in saving for the future.
It appears that overall however, that women are more debt conscious than men. When split by gender:
Despite the desire to save, however, many people find the financial services industry unapproachable with a third of people admitting that they feel intimidated if they have to approach strangers for financial advice.
When asked for their thoughts on the financial services industry, respondents said: "The personal aspect has gone right out of it" and, "they are seen as guys in suits and maybe a little bit unapproachable."
They also believed that financial services could be made easier to understand by educating customers about the products and services. "People are embarrassed because they don't know" said one, while another admitted: "I don't understand a lot about finance. I just freeze when I talk about it".
CIS Director of Life and Savings, Martin Clarke, said: "This research and the huge savings gap, clearly show that as an industry we still have a great deal to do, but it is heartening to see that so many people would prefer to save.”
"The industry must work to address the issues of approachability and education, so customers feel confident when speaking with advisers. In CIS's experience it is financial advisers who play a crucial role in helping people to think about their financial needs, both immediately and over the medium to long term.”
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