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Importance of saving 'falling among consumers'
The amount of consumers in the UK who are choosing to save is falling, according to new figures.
Research by building society Nationwide found that the majority of people surveyed during December regarded saving money as less important than they had in previous months.
It was found that just 45 per cent of consumers save regularly, which was a four per cent drop from the month earlier.
A quarter of people are not setting aside any money at all.
Andy Hutchinson, head of savings at Nationwide, said the figures were unsurprising.
He said: "It is possible that this was also exacerbated by the fact that December 2009 was the last month before VAT increased back up to 17.5 per cent from 15 per cent, encouraging some customers to make those bigger purchases before the New Year."
The release of the research has come after Richard Napier, head of credit cards and personal loans at Nationwide, claimed consumers should consider approaching providers they already have a relationship when looking for a personal loan.