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Is the UK a nation of savers?

A report by the Nationwide building society has revealed a growing reluctance amongst UK consumers to save money for their future. The revelation that 25% of UK consumers put nothing away each month, while 59% save less than even they believe they need, would indicate potential problems for many of the UK population the future. As the real value of UK state pension continues to deteriorate and the government places yet more emphasis upon private pensions, there are fears of a growing gap between "the haves and have-nots".

On a more positive note, there is a feeling that many UK savers are refraining from putting money away each month at this moment in time because of the exceptionally low interest rates available across the board. With the average UK instant access savings account now paying just 0.15% it seems as though many people would rather spend what money they have on everyday essentials and periodic treats. There is a hope that as UK base rates move higher in due course this should attract more savings back into the system.

It is no secret that certain areas of the UK population have been hit very hard by the substantial fall in interest rates on savings accounts with more and more now been forced to eat into their future nest eggs.

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