Consumers should take advantage of the recent rise in interest rates and budget to save for the future, according to independent financial advice.

Figures from IFA Promotion reveal that nearly three-quarters of UK consumers (72 per cent) believe they are not saving enough.

Around eight million people, who are in a position to put aside some cash each month, claim they enjoy spending their money too much to save.

Following the Monetary Policy Committee to increase interest rates by a quarter of a per cent, IFA Promotion suggests now is a good time for consumers to start budgeting to save.

"The interest rate rise is minimal, but has met a shock reaction, which I hope will trigger people to finally take their heads out of the sand and act logically when it comes to their future financial security," said David Elms from IFA Promotion.

"At the very least, it should deter people from unnecessary spending and the temptation of taking on new debt, but what we really need is a long-term commitment to saving. With the prospect of increased rates of returns, now is an ideal time to start."

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