Feb 18 2009
As a result of the current economic problems affecting the UK, a considerable number of UK consumers are lacking confidence in their ability to maintain their savings, new research has found.
Conducted by Virgin Money, the study revealed that nearly a third (29 per cent) of people questioned recently, potentially including those saving for children, expect their incomes to fall.
Meanwhile, 34 per cent are not confident that they will be able to maintain or begin paying into a savings account, such as a child savings plan.
Commenting on the findings, Rob Clifford, UK managing director of Virgin Money said: "With 29 per cent of workers expecting a drop in disposable income over the next three months and next year, it is clear there is a mood of caution throughout the country."
Recently, Birmingham Midshires released figures which suggested that the amount consumers "raided from their savings" fell by an average of 40 per cent during the last three months of 2008 compared with the same period the year before.
