April saw a 3% increase in the number of people wanting to save money rather than spend it, according to the latest ‘ MoneyMood ' survey from Legal & General.
The survey of 1,000 adults, conducted by BMRB on behalf of Legal & General, reveals 60% of adults in the UK were in the mood to save at the end of April, compared to just 57% for the same period in 2006.
In addition, the survey reveals the mood to spend is now at the lowest April figure for three years, at just 26% compared to about 30% in 2006, while the percentage of households who have money left at the end of the month after paying bills has also fallen over the last three years.
The ‘MoneyMood’ survey reveals the percentage of households fell from 61% in 2005 to 58% in April this year, which Julia Clayworth, wealth management customer marketing manager, says suggest the Bank of England base rate increases may have had only a relatively minor impact on household finances.
She adds: “The latest figures show we are still in a ‘save’ mode compared to this time last year. The majority of households – 58% - are still in a position to save rather than struggling to make ends meet.”
However, Clayworth says the recent rise in inflation figures mean the prospect of a base rate hike this month is “much more likely than not”, and warns “if rates do move closer to 6% we would expect to see people’s ability to save beginning to fall away”.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7034 2681 or email [email protected]IFAonline
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation