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Tuesday 02nd of November 2010
August 26, 2009    

Savings confidence on the up

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by David Masters

Britain is a long way from being a savings culture, but is gradually moving in the right direction, research by Nationwide has discovered.

Nationwide said the results of the survey, which found 18% of Brits are planning to save more in six months time, are “very encouraging”.

The building society’s Savings Index showed a two-point rise in July, demonstrating increased confidence and optimism about saving.

Despite this, over a fifth (21%) of those polled said they are planning to save less in six months time.

However, this -3% margin between those planning to save more and those planning to save less is the smallest since the survey began in June 2008.

Furthermore, the Importance of Savings Index, which measures how significant saving is to consumers personally and generally, rose 13 points to 98, the biggest monthly increase since the index began.

Six in ten of those polled said saving in general is important, while 59% said saving is important for them personally.

“This is very encouraging and could be the strongest evidence yet that confidence in the savings market is beginning to return,” said Andy Hutchinson, Nationwide head of savings.

In a separate poll, 46% of Brits said government policy discourages them from setting aside money in a savings account.

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