We’re in the mood for saving

Legal & General’s MoneyMood report claims that the UK is now in a “save” mode

Claire Stracey, the firm’s director of customer marketing, commented: “Our research shows the MoneyMood of the nation has been in ‘save’ mode since the beginning of this year as the ‘spend’ mood has fallen.

“Perhaps a few determining factors are inflation, a hike in fuel costs to heat our homes and thoughts of Christmas looming and the unexpected rise in interest rates by the Bank of England’s Monetary Policy Committee to 4.75 per cent in August.”

She claims that Britons have been in the mood to save for every month so far this year, except in April.

Ms Stracey added that with an interest rate increase to five per cent likely to occur before the end of the year – and with it the amount of debt to be repaid on loans linked to it – people are to continue to be in the mood to save.