42% have no money left to save

The number of people saving regularly declined in August, with 42% of people now not saving any money at all according to the Nationwide UK (Ireland)/ESRI Savings Index.

Just 32% of people are saving regularly in August compared with 41% for the same time last year. The number of people with no money left over to save at the end of each month has increased to 42%, up from 39% in July and an increase of 14% in the 12 months to August 2011.

Managing director of Nationwide UK (Ireland), Brendan Synnott, said there has been a decline of regular savers in 2012.