Nationwide: Saving important to Brits

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Nationwide: Saving important to Brits

Tue 27th May 2008

Some 90 per cent of Brits think saving is important, according to new research from Nationwide.

The building society's survey also revealed an age gap in people's views on saving, with greater numbers of 16 to 24-year olds and those aged between 55 and 64 believing saving should be a priority.

Despite the high importance placed on saving, only 54 per cent of respondents said they put money away regularly, while a quarter save occasionally and 19 per cent never do.

This discrepancy has caused a third of people to express concern that they are not saving anywhere near as much as they ought to be, while a further 24 per cent said they were putting away a bit less than they should.

Matthew Carter, Nationwide director for savings, noted that rising food and fuel prices are limiting people's ability to save.

"It seems a shame that whilst so many think saving is incredibly important, the reality is that many aren't saving as much as they want to, even at a time when some providers are offering the most attractive deals for a number of years," he added.

Earlier this month Nationwide International announced new savings rates.

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