Nationwide: One quarter of consumers think saving is very important

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Nationwide: One quarter of consumers think saving is very important

Tue 15th Jul 2008

Consumers are increasingly finding saving to be less important than it once was, according to new research from Nationwide.

In June, just 26 per cent thought it was very important, compared to 49 per cent of people in May and 46 per cent of people in April.

Just over half (59 per cent) thought it was personally important to save - a drop of 12 per cent from May's report.

Only 46 per cent of consumers are saving regularly, with 33 per cent saving occasionally and 20 per cent not saving at all.

Nearly half (48 per cent) of consumers think they will be able to save what they need in six months' time, though 61 per cent are currently saving less than they think they need to.

Matthew Carter, director for savings at Nationwide, blamed the rising costs of living for making people prioritise bills over saving.

A financial expert advised building up savings to create a "financial cushion" as a recession approaches, the Telegraph reported.

Gavin Hayes, investment director at Whitechurch Securities, told the paper that people should aim to have a cash reserve worth three months' salary.

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