Nationwide: Brits not saving what they should

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Nationwide: Brits not saving what they should

Nationwide Building Society has conducted research which reveals that many people in the UK do not think they are saving as much as they should be during the credit crunch.

The savings account provider's poll found that less than one-quarter of Brits claim to save about the right amount and 60 per cent of people admit to having a savings deficit.

Additionally, Nationwide found that less than half of Brits save regularly and one-quarter of the people it surveyed have no savings whatsoever.

Martin Gahbauer, Nationwide's chief economist, said: "In uncertain times, money needs to be put aside and if people are unable to do so or choose to use their money in another way, the savings buffer of UK households may be insufficient to deal with the consequences of the economic downturn."

Recent research by Fairinvestment.co.uk showed that nearly half of Brits have been forced to dip into what savings they have to help them through the downturn.

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