Feb 11 2008
The rates of saving among people around the UK are set to increase over the course of this year, it has been asserted.
According to experts from the Halifax banking group, the worsening of the economic climate in general terms will have the effect of encouraging people to set more money aside for their own or for their children's financial futures.
The prediction of a more savings-focussed approach to finances this year has come despite the suggestion from Halifax that people would generally benefit more directly if they saved when the country was more financially active than when economic growth is slowing.
"This year, we fully expect to see savings grow in terms of the proportion of money in society," said Jason Clarke, a spokesperson for the financial services firm.
"When things begin to slow down, people think 'now I need my rainy day money' - it's almost the reverse of what it should be," he added.
According to the Building Societies Association, its members saw record amounts of savings deposit contributions over the course of last year.
