- Monday, 19 October 2009The number of people that believe their savings will increase over the next six months has increased to its highest level ever.
That is according to the Future Savings Index from Nationwide, which also saw its regular Savings Index increase to its highest level since November of last year.
However, increases in the number of people saving could have detrimental effects on the economy and prolong the recession, which in turn could impact upon the number of people entering into
individual voluntary agreements (IVAs).
David Kuo, director of personal finance website Fool.co.uk, said that saving had the ability to disrupt economic growth.
He commented: "Two thirds of the UK economy depends on people going out spending money. If people are saving money rather than spending it, then it can have the opposite effect, and can prolong the recession itself."
According to Nationwide, 57 per cent of people now believe it is important for them to personally save.
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