‘Record levels’ of consumers saving

Record levels of consumers are choosing to save their money instead of spending it, according to the latest Nationwide ERSI savings index.

The savings index found that 41% of people with surplus cash would choose to save it, an increase of 5% in the last year, and the highest preference for saving ever recorded.

There was a decline in the percentage of people who said that they would use any surplus money to pay off debts following from 51% last year to 44% in August of this year.