‘Mood to Save’ highest for six years
Over the last year the percentage of men who say they are in the mood to save has shown the largest rise, up 12% to 70% (was 58%). However, the percentage of women who say they are in the mood to save has also continued to rise, up to 67% (was 63%).
Commenting on these findings Mark Gregory, Legal & General executive director savings, said: “This month’s survey shows a significant swing away from ‘spending’ compared to the same period last year and appears to signal a resurgence in the ‘saving mood’. Our survey indicates only one in five households (20%) said they were inclined to spend. Both men and women appear to be driving the revival of the saving habit with seven out of 10 in the mood to save.
At the end of last year we found that households were focusing on meeting short term needs with ‘Saving for a rainy day’ emerging as the top reason for saving at 68% (men = 72% women = 66%), but we would urge people not to neglect their long-term needs, such as saving for retirement, because of today’s immediate concerns.”