Consumers told they need to develop a 'savings habit'
23rd June 2008
As the credit crunch puts pressure on people to meet the rising cost of household bills, the importance of having a regular "savings habit" has never been greater.
Personal finance website MoneyNet.co.uk has suggested that putting as little as £10 to £20 each month into a savings account is worthwhile.
Richard Brown, chief executive of MoneyNet, explained that starting to save a small amount is "at least a start".
He continued: "It’s not a lot of money, but it gets you in a habit for when you are in a position of earning more money. It’s just good housekeeping."
The British Banking Association (BBA) reported that personal deposits "rose strongly"
in April with banks "receiving a record net inflow".
According to the BBA this increase was due in part to stronger "ISA deposits" but was also a result of the competitive savings rates that banks are currently offering.
Nationwide released figures this month which showed that three-quarters of consumers think that having a savings account is important.