People must make sure they have enough money in savings accounts to help them cope with the economic downturn, one expert has claimed.
According to Matthew Carter, director for savings at Nationwide, having cash tucked away is even more vital in tough times.
Commenting on research by the firm, which found that 61 per cent of people are saving less than they need to, Mr Carter warned they could be in for a hard time.
He said: "If the economic situation gets more difficult, without the money put aside to fall back on, these consumers may find the going gets even tougher."
The research found that 46 per cent of people regularly put money into a savings account.
Yesterday, Saga Personal Finance announced that it has extended the range of savings accounts it offers.
The firm is now offering a new one-year fixed-rate savings account and a one year product linked to the performance of the FTSE 100 share index .
Savings accounts vital for tough times, expert claims
Savings accounts vital for tough times, expert claims
Tue, 15 Jul 2008
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