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Savings on the increase in 2008?

A boost in savings is expected throughout 2008, according to one bank.

The current credit crunch may encourage people to save more money, according to Halifax, compared to people's confidence in spending ability when the economy is strong.

Jason Clarke, spokesperson for Halifax, commented that this is the reverse of what the situation should be due to the perceptions of consumers.

"When the economy is growing, people are confident about their ability to spend and repay debt so they are happier to spend," he said.

"When things begin to slow down, people think 'now I need my rainy day money'."

Halifax expects to see savings grow in terms of the proportion of money in society, Mr Clarke added.

In December last year, the bank predicted that savings in individual savings accounts would increase to £240 billion in 2008.

People struggling to boost their finances may wish to take out a personal loan.

See how much you could borrow with a loan from Lombard Direct.
© Adfero Ltd

13/02/2008 10:56:45

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