Credit Crunch: Are You Saving More?

It may seem as though the credit crunch has forced savings to the back of your mind, but according to a spokesman for National Savings and Investments (NS&I), there may not be a decrease in the number of people who are saving.

Apparently as country-wide financial worries are more widely reported, an increasing number of people feel concerned enough to start putting a little bit more money aside. The NS&I report: “One of the classic economic examples is that consumers stop spending. If you stop spending it is predominantly because you are paying off debt, or saving.”

However, during these credit crunch times more people may be looking towards paying off their debts as quickly as possible so they can look forward to becoming debt free, before they would consider saving.