Personal Savings According to the Essay

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This is especially likely given the fact that prices are increasing faster than wages and faster than interest rates. There is little incentive to save, as inflation erodes the value of savings at current savings account interest rates. Instead, consumers are motivated to put their money to better use, which for them means purchasing the goods that they want and taking advantage of a newly-soft housing market in order to upgrade their homes. It is for these reasons that I believe the overall trend towards lower savings rates will continue, even if the current decrease does not hold over the long-term.

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As soon as consumers believe that the economy is set to improve, they will start spending again and this will reduce the savings rate again.

Only a renewal of economic crisis, perhaps spurred by the euro debacle, could undermine the long-term trend. Britons are most likely tired of saving, and are therefore ready to spend again and I believe that they will do so in the near future, if they are not doing so already.

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