Brits 'bleak about the prospects for savings'

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Brits 'bleak about the prospects for savings'

Wed 15th Apr 2009

Many people in the UK consider the outlook for savings to be bleak, according to research published by Nationwide.

The building society has published its first Savings Index, which considers factors such as people's attitudes to savings and people's ability to save.

According to the research, the Savings Index has declined by six points, the lowest level since monitoring began.

Martin Gahbauer, Nationwide's chief economist, said that the figures reveal that many people do not consider the present to be a good time to save.

He added: "It's clear that the six reductions in base rate since October 2008, have had a significant and perhaps unintentional impact on the savings habits of UK households."

The Bank of England chose to leave the base rate untouched earlier this month, a move which may provide some light at the end of the tunnel for beleaguered UK savers.

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