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Importance of savings falling

Importance of savings falling

Category: Economy

Updated: 09/03/2009
First Published: 09/03/2009

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 It is now over 6 months old so the content may be out of date.

Consumers have been advised that they should still be looking to build up savings, despite the economic crisis that has seen interest rates drop to their lowest ever levels.

The warning comes after research by the Nationwide Building Society revealed that less than half of people (46%) save regularly. Figures also showed that just 18% of consumers believe it is a good time to save.

More worryingly, almost one in four people questioned (23%) admitted to saving nothing, while just 15% believed that government policy encourages the public to save.

"Interest rates have decreased but there are still a number of good products available paying a healthy return that people should be taking advantage of," said Andy McQueen, director of savings. "Consumers do need to have a nest egg built up that will cushion them through any unexpected financial crisis."

Consumers can keep abreast of the most competitive savings products in the marketplace by keeping an eye on Moneyfacts' independent savings accounts comparison tables .

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