Nationwide savers 'undeterred by inflation'

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Nationwide savers 'undeterred by inflation'

Consumers who hold a savings account with Nationwide are still choosing to save despite high inflation rates, the building society has reported.

The number of consumers who are choosing to invest regularly or occasionally is at a 16-month high, with 79 per cent of people now deciding to put money to one side.

However, 21 per cent of people are still not saving anything at all, although this is a decrease from 25 per cent in December 2009.

Nationwide warned that a rise in inflation could mean that the returns given on future savings could be under threat.

Andy Hutchinson, spokesperson for Nationwide, suggested that the increase could be down to some people making it their new year's resolution to save more money in 2010, but believes it will be shown in the coming months if this new development can be sustained.

The building society also recently reported that there had been a fall in consumer spending confidence during January.

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