More people saving

The number of people saving regularly or occasionally increased in June, compared with May`s figures, according to the latest Nationwide Savings Index release.

77% people were saving either regularly or occasionally, according to the latest figures, while 23% reported saving nothing at all – down from 26% in May.

The figures may reflect an easing of the economic pressure faced by many people – or they may indicate a determination to save as a `safety net` against debt problems in the future.

A debt expert for Think Money said: “Saving is an important of financial planning, helping people prepare for unexpected costs that could otherwise lead them into debt.

“However, if a saver already has existing debts, they may find that the money would be better put towards overpaying those debts, since the interest on debt can grow faster than savings interest. Anyone who is unsure should speak with a professional debt adviser.”