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BankruptcyNews
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 Posted - 10 September 2007 : 09:51:20
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Debt crisis? Not for many, says NS&I
With bankruptcies and Individual Voluntary Arrangements (IVAs) sitting at record levels, and the nation's total debt exceeding its GDP (Gross Domestic Product) for the first time, the results of today's National Savings & Investment's (NS&I) Quarterly Savings Survey, is something of a surprise.
It found that of Britain's savers, one fifth admit they are literally addicted to saving money - and that a third of people (35%) feel anxious if they don't save as much as they had intended. Frittering away money that could have been saved is also making the British population worried, with nearly half (47%) of respondents claiming they worry if they waste money or overspend. More than two-fifths (42%) say they worry if they dip into their savings pot to fund an unplanned purchase.
In order to maximise their saving, almost a third (29%) of Britons say they have turned down holidays, social engagements, buying new clothes and carrying out house renovations. When it comes to spending on friends and family one in 10 savers confess they have not bought presents in order to boost their savings, while 8% of savers say they they've not even managed a round of drinks. In addition, over a quarter (27%) of savers admit to being obsessive about 'shopping around to get the best deals'. Perhaps unsurprisingly, almost all savers (97%) feel satisfied when they get a bargain.
Dax Harkins, senior savings strategist at NS&I, said: "This result challenges the bleak view of Britain as a nation obsessed with spending and debt, and demonstrates there is a distinct group of British savers who are not only in the black but committed to saving every little penny."
Mr Harkins adds that this may be influenced by the increased use of the internet, which not only makes saving easier but also offers many ways to cut spending. "People are increasingly embracing this and are proud of their savings."
Source: moneyextra.com
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Debt crisis Not for many says NSandI
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