Nationwide: Savers being discouraged by government

www.moneynews.co.uk > Banking > Nationwide: Savers being discouraged by government

Nationwide: Savers being discouraged by government

Thu 15th Jan 2009

Nationwide Building Society has conducted research which suggests that the government's economic policies are putting people off saving.

In a poll, the company found that 48 per cent of consumers believe that the government's current policies discourage them from putting money away in savings accounts.

At the same, time 16 per cent of those surveyed said they believed the government is encouraging savings.

Nationwide said that the recent cuts in the base rate by the Bank of England seemed to have affected some people's desire to save.

Matthew Carter, head of savings at Nationwide, said: "Although lower mortgage rates for borrowers may mean that some people have more money to put away, those thinking about beefing up their savings, or even opening their first savings account, may have been put off by the lower rates."

The Bank of England has cut the base rate three times in three consecutive months.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'

Related News : Nationwide
	Nationwide launches new credit card reward scheme
	ICB report recommends easier current account switching
	Mortgages are cheaper than two years ago, claims study
	Students fail to take out insurance 'due to apathy'
	Demand for fixed rate mortgages 'increases in economic uncertainty'
	Nationwide reduces rates on five-year fixed mortgages
	Intermediary mortgage lending 'increases for second quarter'
	Nationwide improves mortgage products for intermediaries
	Nationwide reduces fixed mortgage rates
	NLA survey reveals landlords jittery over possible rate increases