Debt-hit consumers cut back on savings contributions
Debt-hit consumers cut back on savings contributions
Tuesday 15th July 2008
In a study conducted by Nationwide, just 26 per cent of consumers said they thought saving was important in the current economic climate.
This is down from 49 per cent in May and 46 per cent in April.
Matthew Carter, director for savings at Nationwide, said the trend can be attributed to people's chances to save being limited by higher energy and food bills and increased mortgage repayments.
He commented: "A sharp decrease has been seen in the store people put on saving and, if this decline continues, there will be trouble ahead if consumers do not put money aside.
"The increasing cost of living is clearly having an impact on household finances and consumers are prioritising bills over their savings."
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