Abacus Daily Debt News

People’s attitudes towards saving ‘are changing’

More and more people are becoming concerned with saving as a result of the recession, new research has found.

According to the Nationwide Savings Index, increases were seen in future savings, importance of savings and the savings environment - indicating that consumers are more interested in saving than they have been since the survey was founded a year ago.

Head of consumer finance at lovemoney.com Ed Bowsher remarked that the savings market did seem to be recovering, with the recession urging people to save for the future to prevent them falling further into debt if and when hard times return.

"We say that ideally you should have a savings equivalent to three months’ salary," he said, adding that it is best to put money away during more positive times in preparation.

Recent figures from the Office for National Statistics revealed the household savings ratio - the amount that households save, not spend - was at three per cent during the first quarter of 2009, a rise from -0.8 per cent in the same period in 2008.

By Sarah Adie