Most people are not saving enough

A survey has shown that two thirds of people do not believe they are saving enough, according to Nationwide Building Society.

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While half said that would change in six months, a third believe that next year they will still be saving less than they should as they continue to be squeezed by rising costs.

Just under half are saving money on a regular basis, 30% save occasionally and 21% admitted that they never save. Only 31% said they thought saving was important, compared with 49% in May.

Matthew Carter, director of savings at Nationwide, said: "It's a pity that many consumers seem to be feeling the effect of the current economic situation. The reality is that almost two-thirds think they are unable to save as much as they need to.

However, it is encouraging that almost half of consumers think they will be saving what they need to in six months' time. This optimism may be a result of the recent reductions seen with mortgage rates, although there are still plenty of pessimistic savers out there.

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