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The nation gets its savings head on

The nation gets its savings head on

Category: Savings

Updated: 07/09/2010
First Published: 07/09/2010

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 It is now over 6 months old so the content may be out of date.

The recession has turned us from a nation of spenders to a nation of savers, new research has revealed.

The latest MoneyMood Survey by Legal & General found that 60% of the nation currently has the tendency to save compared with 23% who would rather spend.

However, while the number of women who say they are in the mood to save has increased steadily over the last two years, the number of men who claim the same has dropped.

In terms of the things that people say they are saving towards, 'a rainy day' comes out on top overall, followed by a holiday.

Other popular reasons for putting money aside include to pay a household bill, to fund home improvements, and to guard against redundancy from work.

"The mood of the nation is definitely one of saving rather than spending," said Mark Gregory, Legal & General executive director savings.

"The focus of saving appears to be more about meeting short term needs such as paying households bills and more immediate concerns such as saving in case you lose your job.

"Saving for luxury items such as new clothes or a night out appear further down the list suggesting that people are perhaps putting off these things. And longer term needs such as paying off credit cards, saving for a new car or a deposit on a house appear near the bottom."

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