Saving ‘becoming more important’ to consumers

The recession has convinced more people that saving for the future is important, according to Nationwide.

A study by the building society found that 59 per cent of people now think it is important for them to save, while 60 per cent of those quizzed said saving in general is important.

Both figures represent increases from when the previous edition of the Nationwide Savings Index was published a month ago, even though only 20 per cent of people stated a belief that now is a good time for them to save.

Andy Hutchinson, Nationwide’s head of saving, welcomed the change of attitude among consumers, which he attributed to the problems people had experienced since the economic downturn began.

He said: “The release of the second quarter GDP figures confirmed that the UK is undergoing the deepest recession since the second world war, underlining the importance of saving for a rainy day.”

The findings come despite interest rates on many savings accounts having dropped following the base rate’s fall to a record low. However, consumers who are prepared to shop around may be able to find attractive rates on bonds and regular saving accounts.

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