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“Trouble ahead” for savings-shy consumers

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Saving has become less important to UK consumers since May, according to research by Nationwide.

A survey carried out by the building society found 26% of people interviewed in June said saving was important, compared to 49% in May and 46% in April. The survey also revealed that 46% of consumers are saving regularly, 33% are saving occasionally and a fifth are not saving at all.

In addition, 61% of people are saving less than they think they need to. However, 48% of customers were optimistic that in six months’ time they would be saving what they need to. On the hand, 32% still don’t think they’ll be saving enough.

Matthew Carter, director for savings at Nationwide, said: “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. It is encouraging that half of consumers are still saving regularly, but nearly two thirds of people are not saving as much as they think they need to. If the economic situation gets more difficult, without the money put aside to fall back on, these consumers may find the going gets even tougher.”

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