Debt management still of high importance, claims expert
Debt management still of high importance, claims expert
Friday 12th February 2010
The latest Nationwide Savings Index reveals that the number of occasional and regular savers has reached record levels since September 2008.
There was also a decrease in the number of non-savers, going from 25 per cent in December to 21 per cent in January.
Yet director of ADDIDI Wealth Anna Sofat said the figures were not an indication of healthy saving levels in the UK, and that there was still a long way to go.
"The reality is that we still need to save a hell of a lot more than we are at the moment to balance out two sides of the scales - savings versus borrowing," she said.
"We are still indebted as a country to a much higher level than we should be. I think we still have a long way to go yet."
Ms Sofat went on to say that the savings index was more of an indication of people's confidence, and that many people were feeling more vulnerable and were saving as a result.
"You would feel more vulnerable when the economy isn't booming, so I don't think it is a sign that the economy has recovered," she added.
According to separate research by Barclays, more than half of people feel the recession has not negatively impacted their savings habits during 2009, and 17 per cent are actually saving more as a result.
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