People may be in a more favourable position to start saving as inflation starts to ease off, National Savings and Investments (NS&I) has claimed.
A spokesperson for the firm stated that a period of economic uncertainty does not necessarily mean saving levels will fall, noting that the reverse effect can sometimes occur.
“People get concerned about the uncertain environment [and] they want to put their savings into a nest egg,” he remarked, adding that consumers predominately stop spending in order to pay off debt or save.
He added that it is “never too late” to start saving and “put ourselves on a much stronger footing” financially, noting that increases in utility bills, petrol and food prices may previously have been impacting on saving levels.
Those who are on their way to becoming debt free may wish to consider moving some of their money into a savings account.
Figures recently released by NS&I show that while 47 per cent of the population manages to save regularly, 32 per cent do not have enough money to help them cope with a financial emergency.
By Tom Musk