Nationwide Savings Index finds Brits are 'gaining confidence'

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Nationwide Savings Index finds Brits are 'gaining confidence'

Tue 19th May 2009

The latest Nationwide Savings Index has indicated that Brits showed more enthusiasm towards saving their extra pennies in April for the first time in five months.

In April, the index improved by two points - up to 75 from 73 in March. The Importance of Saving Index also jumped up one point to 77, while the Savings Environment Index - which gauges consumers' attitudes towards saving in the current climate - remained static.

However, the index also found that just 56 per cent of respondents said they believe putting money aside is important and that 47 per cent save regularly.

Head of savings at Nationwide Lee Raybould said: "Despite the modest improvement of two points in the Savings Index this month, the savings environment is still perceived as unfavourable by consumers."

Meanwhile, those who are looking for a new bank with which to save could soon be turning towards Richard Branson's Virgin empire, as it is currently applying for permission to open an online bank.

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