Brits 'in the mood to save'
Published On 17 September 2007
The expectation that interest rates in the UK will continue to rise has put the majority of Brits in the mood to save money, a new study has shown.Legal & General's MoneyMood Survey found that, at the end of August, 66 per cent of consumers said that they were planning on saving money.
This is the highest figure since the survey commenced in September 2004 and indicates that rising interest rates are encouraging people to plan for the future.
"Clearly higher interest rates are good news for savers and this is reflected in the highest figure for 'mood to save' that we've seen since we started interviews in 2004," explained Julia Clayworth, wealth management customer marketing manager at the lender.
"MoneyMood also found that over the three year period from August 2005 to August 2007 the mood to spend has shown a steady decrease.
"That would suggest that the current level of interest rate is having the desired effect - i.e. saving up, spending down. We think our MoneyMood figures reinforce the Bank of England's decision to leave the cost of borrowing at 5.75 per cent in September."
A recent study by NS&I found that 20 per cent of Brits classed themselves as being 'saveaholics'.
