Nationwide urges more people to save
Monday, 17 Nov 2008 12:02
Nationwide is highlighting the importance of saving as new research reveals disappointing numbers of people investing their cash.
The bank, which is encouraging better money management with the launch of an education scheme for school children and an advice service with the Citizen's Advice Bureau, is concerned at the lack of saving among consumers.
Its survey found only a quarter of consumers think they save enough, with 60 per cent admitting they saved less than they needed to.
And while only one per cent thought saving was not important, a worrying 21 per cent of those questioned did not save any money at all.
The economic crisis was blamed for this lack of saving activity, with 40 per cent of respondents saying now was a bad time to save. And 41 per cent said the government was actually discouraging them from saving.
Matthew Carter, director of savings at Nationwide, said the bank was concerned at the lack of saving taking place, especially with Christmas looming.
However, he remained positive, adding: "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."
Nationwide recently launched Nationwide Education, a financial capability programme, to primary schools across the country. Its aim is to teach children about the importance of good money management.
Meanwhile it has also launched a three-year programme with the Citizen's Advice Bureau to provide independent financial advisers in the all branches of the charity to support consumers.