People 'less inclined to save during credit crunch'

By Sarah Engle, Tue 12 Aug 2008 - Published in Banking

Saving has been pushed down Britons list of priorities as a result of the economic downturn, a new survey has revealed.

Research by Nationwide Building Society found the proportion of people who viewed saving as very important had dropped from 49 per cent in May to 33 per cent in July.

The report also revealed 62 per cent of respondents were concerned they were not saving as much as they should be.

However, 46 per cent were optimistic that they would be able to rectify this within six months.

Head of savings at Nationwide Lee Raybould said: "We are working hard to engage people about the importance of saving and look towards the government to communicate to consumers about their schemes."

He claimed Isas and child trust funds were a good way to boost household wealth.

Those who compare money saving deals online are also in a better position to find the most suitable account for their particular circumstances.

Elsewhere, a report from AXA has revealed 13 per cent of people in rented homes have fallen into arrears during the past 12 months.

News Categories

News Archive

News: People 'less inclined to save during credit crunch'