UK consumers 'must still save more'

UK consumers should still be looking to increase the amount of money they save, it has been reported.

Anna Sofat, director of ADDIDI Wealth, said new figures from Nationwide pointing to an increase in savings levels were welcome, but did not necessarily mean that people are putting enough money away.

She commented that following "a shocking 2008", consumers are still fighting to sort out their finances.

Ms Sofat added: "We had all borrowed far too much and had this perception that the credit line would be there forever and a day, and then over a very short period of time those credit lines were withdrawn.

"People obviously started to restructure their finances to pay off debt and to save."

She noted that due to the recession, consumers are increasingly aware of the need to have an emergency savings pot, while they are also conscious that very few mortgages are available without a significant deposit.

Nationwide found that the number of people not saving fell from 25 per cent to 21 per cent during January.

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2010-02-11 14:11:53 © Moneyextra.com