The UK is collectively sobering up and doing the responsible thing, saving its money for the future rather than spending it on the high street, says a new report.
The Legal & General MoneyMood survey has shown that across the country we are now ten per cent more likely to save than during the same period of 2005.
The trend has occurred against a backdrop of turbulence in the savings market, with some suppliers launching their best savings account rates for a long time and other cutting spending.
“This is the highest figure we’ve yet recorded over 17 months of tracking and indicates the MoneyMood of the nation is firmly in ‘save’ mode,” said Julia Clayworth, Legal & General head of direct investments.
“MoneyMood found that people who were in the mood to save in the run up to Christmas spent around 40 per cent more over the festive season than they anticipated.
“People in the mood to spend only spent around seven per cent more than anticipated at Christmas,” she added.
Legal & General also found that people are becoming less willing to splash their cash.
Only a quarter said that they were planning to make non-essential purchases, four per cent less than during the same period of 2005.
© Adfero Ltd