Nationwide: Consumer saving rates falling

www.moneynews.co.uk > Banking > Nationwide: Consumer saving rates falling

Nationwide: Consumer saving rates falling

Tue 12th Jan 2010

Savers are putting aside less money each month, according to the latest figures from Nationwide.

Looking at the sums deposited into savings accounts by their customers, the amount that was set aside in December fell compared to the previous month's figures.

During the month, 45 per cent of customers said that they saved regularly, a four per cent drop in November. The number who do not save at all increased by one per cent to 25 per cent.

However, this fall could be mostly down to Christmas, where savers were less concerned about setting money aside than they were keen to have fun.

Andy Hutchinson, head of savings at Nationwide, believes it is possible that the VAT increases at the beginning of 2010 may have encouraged people to make major purchases sooner, in order to avoid the increase in tax from 15 per cent to 17.5 per cent.

Earlier this month, Nationwide predicted that the number of people enquiring about ways to reduce their debt would surge in the initial months of the year.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'

Related News : Nationwide
	Nationwide launches new credit card reward scheme
	ICB report recommends easier current account switching
	Mortgages are cheaper than two years ago, claims study
	Students fail to take out insurance 'due to apathy'
	Demand for fixed rate mortgages 'increases in economic uncertainty'
	Nationwide reduces rates on five-year fixed mortgages
	Intermediary mortgage lending 'increases for second quarter'
	Nationwide improves mortgage products for intermediaries
	Nationwide reduces fixed mortgage rates
	NLA survey reveals landlords jittery over possible rate increases