Majority of consumers happy with saving habits

Last month there was an increase in the number of people saving for their retirement, but most still use surplus cash to pay off outstanding debt, including mortgage repayments.

The August edition of the monthly savings index from Nationwide UK (Ireland) is the penultimate survey before October’s budget announcement.

Published yesterday, it shows that 51% of consumers believe they are saving what they should be, with an increasing number saying they put aside more surplus income than necessary.