Many Britons have not reacted to the recession by saving.

The effects of the global economic downturn have not resulted in consumers responding by storing sufficient amounts of cash in savings accounts such as ISAs.

That is the opinion of Jasmine Birtles, founder of online resource Money Magpie, who believes that despite the tough financial times encountered by the majority of consumers recently, many have failed to adjust accordingly in terms of planning effectively for the future.

Ms Birtles explained that the idea of saving has still not filtered through to the masses, meaning a lot of Britons are unlikely to have built themselves a long-term monetary safety net over the duration of the slump.

"People are still thinking short-term or medium-term. The prime thing people put money away for is a rainy day," she noted.

Research published last week by Scottish Widows appeared to offer an insight into the mindset of individuals at present, as it revealed that 3.2 million people would happily sacrifice a month's salary in order to fund a once-in-a-lifetime experience.

And Ms Birtles added that although many are concerned about the prospect of losing their job or having their wages cut as companies across all sectors look to reduce their expenditure despite the rising cost of living, an insufficient effort is being made with regard to saving for such eventualities.

A further issue that may be restricting the ability of consumers to save is the increased presence of credit cards with zero per cent interest rates, as this has resulted in a lot of people simply opting to borrow money to make ends meet instead of making provisions by storing funds away.

However, Yvonne Goodwin of Yvonne Goodwin Wealth Management recently noted that such products can be dangerous as any reliance on them can lead to the accruing of large amounts of debt.

Meanwhile, parents might be planning ahead by placing funds in savings accounts for their kids.

Child savings accounts can be a good way to ensure youngsters are taken care of in the future.

And it seems those living in the Edinburgh area understand this theory, as they have the highest total value of such accounts in the country, data from Alliance Trust Savings reveals.

Blackpool has over six times the national average account value, according to the sums in the company's First Steps child savings funds.

The option might be useful for those who already have cash ISAs and are looking for another way of setting money aside.

Head of sharedealing Garry Mcluckie comments: "Planning for your child's future has never been more important, especially given recent press coverage on the rising cost of a university education."

Another option is a Junior ISA, with the system recently clarified by the Treasury, following the abolition of the Child Trust Fund.

It allows people to place up to £3,600 per year in the accounts, which will be owned by the adolescent when they turn 18.

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