- 13
- Nov
Millions of Britons feel they are not putting enough money aside to save for a rainy day, Nationwide has found.
According to the group, one quarter of respondents to a recent study felt they are able to save a sufficient amount, while just over half (52 per cent) were hopeful that they would be in six months. However, while it noted that relatively few people feel they are in a sound position at the moment in terms of stashing spare cash, there has been a slight increase in the number of people who are optimistic about their saving prospects over the next half year. It noted that last month, fewer than half (47 per cent) of people said they were confident they would be saving enough in six months. It noted that this five per cent improvement could be taken as a positive sign of growing consumer confidence, particularly considering that the festive period – one of the most expensive times of year – is drawing near.
For consumers who are unsure of their ability to meet Christmas costs this year as adverse economic conditions have stifled cashflow, taking out a cheap loan may be an effective way to do so.
And while consumers may be cautious about paying off personal loans and other such responsibilities, Nationwide has noted that there has been a marked increase in peoples perceptions of their future economic situation. It claimed that last month, the expectations index – which is used to measure sentiment surrounding economic prospects – registered a 17 per cent increase. Nationwide claimed that this rising confidence may be a strong contributing factor to the growing belief that people will have more disposable cash to save in six months.
Commenting on the figures, Matthew Carter, director of savings at the company, said: “The fact that half of consumers are still failing to save or are only saving occasionally is a concern [...] However, our latest research shows a slight increase in the number of people who are feeling positive that they will be able to save the correct amount in the future, which is small step in the right direction. I hope more consumers put firm savings plans into action soon. The current financial climate will have raised awareness about the importance of having savings and we hope this, combined with joint industry and government education programmes, will encourage people to save regularly going forward.”
For those who are struggling with costs as the Christmas period approaches, taking out an unsecured personal loan may be an effective way to purchase presents, food and wine without risking defaulting on other payment responsibilities. And with a low-rate personal loan, consumers could even put any money left over into a high-interest savings vehicle to shore up their finances as a year of economic turbulence comes to an end. Parents may also like to send some money their childrens way to teach them the value of saving after Halifax revealed that many youngsters feel their pocket money is insufficient to support their spending habits.
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