The current economic climate is leading Brits to believe that saving for their future is not as important as it used to be. The Nationwide Building Society have released stats showing that just 26% think that savings are important, compared to 48% in May.

This turn around is being blamed on the credit crunch, as the rise of costs of living expenses mean that consumers have a much lower disposable income and therefore less money to save. Matthew Carter, director of savings at the building society, agreed: “The increasing cost of living is clearly having an impact on household finances and consumers are prioritising bills over their savings.”

Nearly two thirds of people are saving less than they need to, with 20% admitting that they are not making any savings at all.