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Debt management still high on consumers' agenda

Debt management still high on consumers' agenda

- Tuesday, 9 February 2010

Consumers are still committing to debt management and choosing to save, according to new figures.

The Nationwide Building Society reports that the total number of regular and occasional savers has reached a 16 month peak at 79 per cent - the highest since September 2008.

The Savings Index has now reached 85, a two point increase on December figures, and the Importance of Savings Index increased by 12 points, taking it to 98.

Commenting on the figures, Nationwide spokesman Andy Hutchinson said: "Compared to the previous month, the number of non-savers fell from one in four to about one in five. This could have been because of the recent increase in VAT meaning people spent less money and therefore had more money to save.

"Alternatively, some consumers may have made it their New Year resolutions to save more frequently."

Mr Hutchinson said the question was whether this trend could be sustained over the coming months.

Latest figures from the Office for National Statistics (ONS) indicate that the Consumer Price Index (CPI) measure of inflation increased to 2.9 per cent in December, up from 1.9 per cent the previous month.

It is the largest ever increase in the annual rate between two months.ADNFCR-2300-ID-19604543-ADNFCR
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