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'Minority' of consumers make regular savings
14.07.2008
Less than half of consumers are saving regularly, according to research from Nationwide.
The survey found 26 per cent of consumers thought saving was very important in June - a decrease from the figure of 49 per cent for May.
Nearly two-thirds of people are saving less than they think they need to, while one in five is not making any savings at all, the study suggested.
Matthew Carter, director for savings at Nationwide, said the company's findings on people's propensity to save were "concerning" and added there could be "trouble ahead" if consumers fail to put any money to one side.
He continued: "The increasing cost of living is clearly having an impact on household finances and consumers are prioritising bills over their savings."
Sainsbury's Bank recently advised consumers that many of the best-buy savings accounts have conditions on how they can be used.
It said some of the savings accounts with the most attractive rates have limits on access to deposits for account-holders.
The survey found 26 per cent of consumers thought saving was very important in June - a decrease from the figure of 49 per cent for May.
Nearly two-thirds of people are saving less than they think they need to, while one in five is not making any savings at all, the study suggested.
Matthew Carter, director for savings at Nationwide, said the company's findings on people's propensity to save were "concerning" and added there could be "trouble ahead" if consumers fail to put any money to one side.
He continued: "The increasing cost of living is clearly having an impact on household finances and consumers are prioritising bills over their savings."
Sainsbury's Bank recently advised consumers that many of the best-buy savings accounts have conditions on how they can be used.
It said some of the savings accounts with the most attractive rates have limits on access to deposits for account-holders.