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Consumers urged to start saving

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Nationwide Building Society has called on consumers to start saving after its latest savings research reveals 54% of people think now is a bad time to save with just 23% of those questioned admitting they do not save anything at all.

It could be argued there has never been a more important time to put money aside to help people prepare for an uncertain future which is why these results are a particular concern.

The research also revealed 46% of consumers save regularly, 31% save occasionally and 23% save nothing at all. Only a quarter of consumers think they save what they need to, with 60% admitting a shortfall.

Andy McQueen, savings director at Nationwide, said: “We are concerned about the number of consumers who are not saving at the moment, as a proportion think that now is a bad time to save. We understand that as household finances are stretched, saving can be a challenge but it’s never been more important to build up savings to act as a buffer in uncertain times.

“We think consumers may find it easier to save if they first considered the type of saver they think they are so they can create a savings plan that works for them and choose an account that’s right for their needs. Interest rates are lower than we have seen in the last few years, but it’s still just as important for people to regularly put money aside for a rainy day.”

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