Recent research shows people do not consider saving money as important as they used to, according to new research.
A poll by Nationwide Building Society discovered that in June, 26 per cent believed it was crucial to save money, whereas in May this number was 49 per cent.
The research also shows 46 per cent of those interviewed were saving regularly but 20 per cent were not putting any money away.
Matthew Carter, Nationwide’s director for savings said: “The increasing cost of living is clearly having an impact on household finances and consumers are prioritising bills over their savings.”
The news comes as research from Chelsea Building Society shows people are trying to stay debt free, with one in seven saying they have used their savings to pay the mortgage and 15 per cent have used them to pay for household bills.
Some of the main rises in consumer spending come from food, petrol and council tax, electricity and gas bills.
By Neil Condron