Legal & General reveals mood to save beginning to turn

20 June 2005
The latest edition of the MoneyMood Survey from Legal & General reveals that UK residents are no longer as enthusiastic about saving as they were last month.

The proportion of adults questioned at the end of May who said they were in the mood to save fell for the first time in two months to 57 per cent, down from 60 per cent in April.

Women were particularly marked in their rejection of the savings bug. The proportion of women describing themselves as in the mood to save fell again in May to reach 54 per cent, compared with a March high of 60 per cent.

Men's enthusiasm for saving was also down in May, falling to 60 per cent from April's 61 per cent.

Reasons for the faltering enthusiasm for saving were suggested by a rise in the number of households unable to meet bill payments, which increased to 38 per cent from 35 per cent in April.

"As our survey shows, pressure to keep household finances in shape is clearly building. So perhaps it's not surprising that people are not in the mood to save," commented Julia Clayworth, head of direct investments at Legal & General.

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