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Newsletter

Savers 'showing increased pessimism'

By Sarah Engle, Thu 5 Aug 2010 - Published in Banking

New research has found that UK consumers are growing more pessimistic about their opportunities to save in the future.

A study published by Nationwide Building Society showed that 21 per cent of people think they will save less in the next six months than they currently do.

The poll also revealed that this has increased from the 18 per cent which believed this in the first quarter of 2010.

Robin Bailey, Nationwide's savings and investments director, said: "It is unclear what the exact cause is for the increasing pessimism of savers."

He added that it could be linked to recent data which showed that consumer confidence has started to fall in the past few months, as has the proportion of income saved.

A recent study by moneysupermarket.com discovered that 36 per cent of savers have never looked at what interest rate is being paid on their bank account, increasing from 31 per cent last year.