Britons saving less, new survey claims

12/08/2008

People are turning away from saving money, Nationwide has suggested.

A new survey from the firm shows that just 33 per cent believe that putting money aside is "very important" - down from 46 per cent in April.

Moreover, 18 per cent of poll respondents - equivalent to 12 million people - told Nationwide that they "never save".

Lee Raybould, head of savings at Nationwide, commented: "With around half of people saving regularly, consumers may find if situations get tougher, they won't have any savings to help them through harder times."

He added: "We are working hard to engage people about the importance of saving and look towards the government to communicate to consumers about their schemes such as the Child Trust Fund and ISAs, which have the potential to make a real difference to household wealth. We hope to soon see consumers thinking government policy does encourage them to save."

The survey also found that 46 per cent of Britons feel that they will be able to save "what I need to" in six months' time.

Tags; Current UK Economy, Housing Debt and Bills, Budgeting Advice,

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