Sep 14 2007
British consumers are currently in a better mood for saving than has been the case at any point over the past three years, according to figures released by Legal & General.
The financial services firm puts the results of its most recent MoneyMood survey down to increases in the base rate interest, which is now at a six-year high of 5.75 per cent.
And with more and more people seemingly keen to add to savings for their own or their children's future, Legal & General suggests that the Bank of England was right not to raise interest rates again earlier this month.
"Higher interest rates are good news for savers and this is reflected in the highest figure for 'mood to save' that we've seen since we started interviews in 2004," said Julia Clayworth, wealth management customer marketing manager at Legal & General.
"MoneyMood also found that over the three year period from August 2005 to August 2007 the mood to spend has shown a steady decrease," she added.
The Bank of England has seen fit to increase the base rate of interest five times since August of last year.
