Welsh consumers 'looking to save more than last year'

Consumers in Wales are seeking to cut back on their monthly spending and put more money away for the future, it has been reported.

According to the latest Principality Building Society Saving & Spending Quarterly Survey, half of all consumers in the principality are looking to reduce their monthly outgoings by up to £100.

Some 86 per cent of the 600 consumers surveyed said they were either slightly concerned, concerned or very worried about the current state of the UK economy.

In response to these fears, 71 per cent of the survey sample said they aim to save at least as much as they did last year.

However, 59 per cent claimed that the low savings interest rate environment means there have been better times to put money in the bank.

Graeme Yorston, chief operating officer at Principality Building Society, offered some hope for savers, saying fierce competition in the market has actually driven interest rates up.

"[This is] good news as the unstable environment actually points to the importance of having a savings safety net now more than ever before," he stated

The Bank of England has frozen its base rate at 0.5 per cent since March 2009.

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2010-06-24 09:58:31 © Moneyextra.com