Savings index shows upward shift

THE Nationwide UK (Ireland)/ESRI Savings Index increased by 19 points in January, recovering from December’s 11 point decline.

The upward shift in sentiment reflects the fact that consumers have begun “the New Year with a strong desire to save”, the latest research shows.

“Looking at the trend since the autumn, and ignoring the impact of the budget in December data, the index has been trending upwards, indicating an increase in saving behaviour and a reluctance to spend among consumers,” said Brendan Synnott, managing director of Nationwide UK (Ireland).