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Savings are on the up

Published: 19/10/2009 by Comments

Savings accounts are looking more positive, after The Nationwide Savings Index rose by 10 points over September 2009. The building society announced that this growth is a measure of consumer confidence - leading many to believe that the economy is on the up and that we’re experiencing the dregs of the recession.

In a dramatic climb since August 2009 when just 2% of us believed it was important for us to save, 57% are now feeling the need to count the pennies and save them for a rainy day. Despite these penny pinching, budget burdening times, 20% of those questioned actually thought it’s a good time to save, while 21% (in comparison to the previous 18%) said they would be putting more cash into savings within six months.Nationwide collated the information by surveying members of the public to find out what they thought about a number of different issues related to savings.

Andy Hutchinson, head of savings for the building society believes that it’s ‘possible that households are becoming increasingly confident that the recession is coming to an end’. He believes this optimism will have boosted consumer’s ability to save.

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