Two thirds 'not saving enough'

Nearly two-thirds of consumers admit they are saving less than they think they should, a survey showed.

Around 60% of people think they are not setting aside enough money, although 48% think their savings levels will be adequate in six months, according to Nationwide Building Society.

But 34% think they will still be saving less than they need to in six months, as their income continues to be squeezed by rising food and energy costs.

Just under half of people are currently saving money on a regular basis, with 30% saving occasionally.

But 21% of those questioned admitted they never saved, while only 31% of people said they thought saving was important, well down on the 49% of people who felt this way in May.

Matthew Carter, director of savings at Nationwide, said: "It's a pity that many consumers seem to be feeling the effect of the current economic situation.

"The reality is that almost two-thirds think they are unable to save as much as they need to.

"However, it is encouraging that almost half of consumers think they will be saving what they need to in six months' time. This optimism may be a result of the recent reductions seen with mortgage rates, although there are still plenty of pessimistic savers out there."

TNS questioned 1,000 people between July 21 and August 17.

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