Most people ‘not saving enough’

A new survey has shown that almost two thirds of people do not think they are saving enough to counteract the effects of a weakening economy. 60% of those questioned in the latest research by Nationwide Building Society said they were saving less than they thought they needed to. However, 48% believed they would be saving adequately in six months’ time.

Current consumer attitudes painted a more worrying picture – only 31% thought that saving is important at this time, down from 33% last month and 49% from last May.

A spokesperson for debt management company Gregory Pennington said that the findings reflected a worryingly relaxed attitude to savings in a difficult time for the economy.

"Savings are extremely important at this time. Traditionally we think of savings as a long-term thing, but at the moment, they can be very useful in the short term as well.

"A good savings account can act as a useful financial buffer, should you run into financial difficulties. The fact that 48% of people plan to save more in the future is worrying – the ‘do it tomorrow’ attitude can be dangerous, because as prices rise, it’s going to become more and more difficult to save."