Saving is "just good housekeeping"

A money expert has urged consumers to start regularly saving despite the credit crunch.

Chief executive of Moneynet Richard Brown suggested saving as little as £10 a month would develop "a brilliant habit" that would eventually lead to a larger nest egg.

"We looked at several accounts and if, for example, you save £25 a month with Halifax, that`s £330 with your ten per cent. It`s not a lot of money, but it gets you in a habit for when you are in a position of earning more money," said Mr Brown.

"It`s just good housekeeping," he added.

Last week, Nationwide released a report revealing 74 per cent of British consumers think saving is important, while 50 per cent have a regular saving habit.

Almost a third of those questioned don`t think they will be saving enough in six months` time and nearly half (49 per cent) think now is a bad time to save for the future.