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Savings predicted to rise

Savings predicted to rise

Category: Savings

Updated: 16/10/2009
First Published: 16/10/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Savings levels could be set for a boost after a new survey revealed consumers are becoming increasingly confident about their ability to put away spare money.

According to Nationwide, for the first time since the survey began in May last year, the number of people who believe they will have increased the amount they save in six months' time now exceeds the number who think they will be saving less.

The overall Savings Index was also revealed to have increased 10 points to 87, its highest level since last November.

Meanwhile, the savings environment was said to be at its best since December 2008.

Andy Hutchinson, head of savings at Nationwide, believed the strong rise in sentiment towards savings reflected a parallel bounce in overall consumer confidence in September.

"It is possible households are becoming increasingly confident that the recession is coming to an end, even though their positive sentiment may be premature. This could have boosted confidence in consumers' ability to save in the future and it will be particularly interesting next month to see the impact of the recent ISA changes for the over-50s."

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