Research conducted by TNS for Nationwide Building Society has found that a fifth of people do not save any money.

The study also showed that only 26 per cent of consumers consider saving to be important, nearly half the figure of 49 per cent from last month's equivalent report.

Nationwide described the results as "concerning", as although close to half are still putting money aside, 61 per cent are doing less than they believe they need to.
Director for savings Matthew Carter said: "If the economic situation gets more difficult, without the money put aside to fall back on, these consumers may find the going gets even tougher."
The building society has blamed the increasing cost of living on people's attitudes, as many choose to prioritise bills over savings.

Research by Sainsbury's Finance recently found that many of the UK's top savings accounts come with restrictions, with four of the top 50 applying a penalty for making a withdrawal.

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