Consumers think the Government does not encourage them to save
New research from Nationwide Building Society shows that just under a fifth (19%) of consumers think the Government encourages them to put money aside while 41% think the Government discourages them.
Similarly, 34% of consumers think the Government doesn't take any positive or negative action when it comes to saving.
The research comes to light at a time when ministers are trying to re-build trust in the financial services industry and educate people on the importance of building a solid nest-egg. In addition, with ISA improvements having only been implemented six months ago, the Government could understandably be feeling disappointed with these results.
As the turbulent economic situation continues, consumers' propensity to save has remained stagnant. This research found:
- Fewer than a third (32%) of consumers think saving is very important and of those questioned, less than half (49%) save regularly.
- Nearly two-thirds (60%) of consumers think it is personally important for them to save, yet the same number of those questioned (60%) save less than they think they need to.
- Similarly, a third (33%) of consumers think they'll be saving less than they need to in six months time. 47% think they'll be saving about the right amount and just 17% think they'll be saving more than they think they need to.
- Just 7% of consumers think now is a very good time to save.
Date: 14th, October, 2008
Author: Malcolm Gerrard
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