Brits have lost the saving habit

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People are decreasingly likely to put money aside in anticipation of expenditure on events such as Christmas, it has been argued.

James Ketchell, spokesperson for the Consumer Credit Counselling Service, suggests that the "saving habit" no longer figures in most peoples everyday lives.

"It is important generally for Christmas spending to make it over a longer period rather than just the month before," he warns.

Mr Ketchell adds that this is more important than the specific means in which individuals save, which can vary from person to person.

His comments follow claims that troubled lender Northern Rock is making its own savings accounts more favourable in order to increase the level of deposits received from customers.

Financial analyst Moneyfacts recently noted increases of almost 0.2 per cent in the interest rates payable on Northern Rocks silver saver and tracker savings accounts.

"They are keen to win back some much-needed savings balances," commented Moneyfacts analyst Lisa Taylor.

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