Debt management paramount as more people see need to save
Debt management paramount as more people see need to save
Wednesday 17th June 2009
Figures released by Nationwide indicate that although there has been an increase in pessimism with regards to the opportunities to put money aside over the past year, more consumers are willing to save and get their finances in order.
The survey showed that while 60 per cent of people believed saving to be important, the same number admitted to not saving enough, while 26 per cent saved 'nothing at all'.
Andy Hutchinson, head of savings at Nationwide, said: "Rising unemployment and falling income growth clearly make it difficult to save.
"The low level of interest rates may have increased the incentive to prioritise debt reduction."
The survey suggested that in time people felt saving would be a more feasible option, perhaps because of the opportunity and "incentives" the economy currently offers for consumers to deal with their debt, particularly with good debt management.
Approximately one in five consumers believes they will be in a position to save more money in six months' time.
Mr Hutchinson added: "Initially, increased saving is likely to occur mostly in the form of debt reduction.
"[But] once debt reaches a more sustainable level in relation to incomes, there should be opportunities for households to put more money into deposit savings and other financial assets."
A total of 46 per cent of those surveyed said they only saved sporadically.
News article brought to you by Debt1 – UK debt management specialists.
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