Spending at lowest level in three years

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A series of interest rate hikes has led to more people saving now than in the past few years.

Research by Legal & General shows 62% of adults were in the “mood to save” last month, a 2% rise on June 2005 and 2006. Spending moods fell since last August and spending is now at its lowest level in three years. Adrian Boulding, wealth policy director at Legal & General, tells IFAonline: “I think the party is coming to an end. The nation has been on a massive spending party for a long time now and people have begun to realise when you borrow to spend eventually you have to pay it back again. The nation is waking up to reality and the reality is that you should only spend according to ...

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