Nationwide: A fifth of consumers do not save

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Nationwide: A fifth of consumers do not save

One fifth of consumers do not save, according to the latest research from Nationwide.

The July figure of 20 per cent is higher than in April (19 per cent) and May (17 per cent) although constant with June.

The building society also found that the number of people who regularly save has fallen from 54 per cent in April to 46 per cent in July.

Nearly two thirds of those polled (62 per cent) save less than they think they need to, while almost half (46 per cent) believe they will reach the necessary saving figure within six months.

Lee Raybould, head of savings at Nationwide, said consumers "seem to be feeling the effect of the current economic situation" and urged people to find out about schemes such as the Child Trust Fund and ISAs.

Consumers could lose up to £5,000 by staying with the same banks instead of switching to the best deals, Moneyfacts has found.

Its survey of mortgages, loans and credit cards from the six major high street banks found that Halifax customers suffer the most with Royal Bank of Scotland users a close second.

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