Only a quarter of consumers think they currently save enough, but just over half (52%) think that they will be saving the right amount in six months’ time, according to Nationwide’s monthly savings report.

This compares with 47% in last month's report - an increase of five percentage points. In view of the continuing market turbulence, and the approach of one of the most expensive times of year, this small improvement in future sentiment may be seen as a positive sign.

It also coincides with a 17% increase in the Expectations Index (which reflects consumers' views of the economy and labour market in six months’ time) within the Nationwide Consumer Confidence Index in October. The index showed a big uplift in those thinking the economic situation would be brighter in six months’ time, almost doubling from 14% in September to 27% in October.

This confidence about the economic situation improving may explain why more consumers feel they will be able to save the right amount in six months’ time.

Other findings confirm the survey’s general impression. For example, 60% of consumers believe they currently save less than they need to, but only three in ten (29%) believe they will still be saving less than they need to in six months’ time.

Just under half (47%) of those questioned save on a regular basis, but 40% believe that the current economic situation means that now is a bad time to save. Shockingly, 21% of those questioned by Nationwide do not save at all.

"The fact that half of consumers are still failing to save, or are only saving occasionally, is a concern, especially with the expensive festive season approaching. However, our latest research shows a slight increase in the number of people who are feeling positive that they will be able to save the correct amount in the future, which is small step in the right direction. I hope more consumers put firm savings plans into action soon,” said Matthew Carter, director of savings at Nationwide.

"The current financial climate will have raised awareness about the importance of having savings, and we hope this, combined with joint industry and Government education programmes, will encourage people to save regularly going forward."

Last month Nationwide announced a three-year partnership with Citizens Advice, involving a £3 million investment to fund the recruitment and training of 1,300 volunteers over the next three years, who will provide education, training and advice on money matters across the country.

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