Nationwide Savings Index figures are "very encouraging"

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Nationwide Savings Index figures are "very encouraging"

Mon 24th Aug 2009

Nationwide has released its Savings Index for July, suggesting that consumers are recognising the importance of saving money.

The main Savings Index was up two points to 82, while the Future Savings Index, one of the three sub indices, hit an all-time peak of 106.

In the other two sub indices, the Importance of Savings Index increased 13 points to 98, while the Savings Environment Index went up by six points to 71.

Andy Hutchinson, head of savings at Nationwide, claims the seriousness of the recession is generating "a shift in attitude towards saving" and this is evident in the figures.

He said: "This is very encouraging and could be the strongest evidence yet that confidence in the savings market is beginning to return."

Earlier this month, the bank reported a minor increase in the Nationwide Consumer Confidence Index for July, which went up by one point to 60.

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