- Tuesday, 12 January 2010Debt management may be needed by nearly a quarter of consumers who are not making saving a top priority.
The Savings Index for December decreased by four points, according to the latest figures from Nationwide. The shift brings the index back down to a similar level 12 months ago, following a period of relatively strong figures in the previous three months states the report.
Only 45 per cent of consumers are said to save regularly, and a quarter are not saving at all.
Head of savings at Nationwide Andy Hutchinson said there was "no surprise" that saving priorities were put to one side in the lead up to Christmas, and people would have been encouraged to make bigger purchases in December before the VAT increased back up to 17.5 per cent.
"Nevertheless, it's still worrying that a quarter of us are not saving any money at all," said Mr Hutchinson.
According to financial website unbiased.co.uk, consumers borrowed an average of 32p for every pound they saved during the third quarter.
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