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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Tuesday 15th July 2008
Just 26 per cent of Britons feel that it is "very important" to save, last month's savings survey from Nationwide has claimed.
This total is sharply down on the 49 per cent who felt the same way in May, and on April's figure of 46 per cent.
Nationwide suggested that recent price rises in food and fuel have effectively led to many people deprioritising their savings accounts.
The research also found that 20 per cent of people do not save at all - while 61 per cent admit saving less than they need to.
Matthew Carter, director for savings at Nationwide, said: "Our latest research on consumers' propensity to save is concerning. 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.
"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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