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Economic climate 'putting a dampener on savings rates'
The UK's current economic climate is having an impact on people's ability to put cash aside, it has been suggested.
According to Annie Shaw, editor of CashQuestions.com, it is good news that inflation appears to remain, although this is having an inconsistent impact across the board.
"The general economy is depressing savings rates, and this is all to do with the flow of money into the economy," she said.
Ms Shaw went on to add that pay growth is being recorded "below the rate of inflation, which for workers is effectively a pay cut".
The representative also indicated that the price of utilities and petrol has increased, meaning that consumers are still feeling the pinch in many areas.
Indeed, figures from mySupermarket.co.uk showed that staple items such as bread saw a price hike of 18 per cent over the last three years, while tea has gone up by 30 per cent.
Posted by Mark Cunningham
18/08/2010 16:32
News category: Consumer