Consumers felt more optimistic about the Government’s policies on saving in the run-up to the general election than at any point since November 2011, a new survey reveals.

The Nationwide UK (Ireland)/ESRI Savings Index, which measures overall sentiment towards saving, was unchanged in February versus January at 122 points.

However, it showed the highest proportion of consumers who believed the outgoing coalition’s policies encouraged people to put money away, since shortly after it took office.

Timing

The Savings Environment sub-index, which asks if people believe that now is a good time to save, rose to 131 points last month from 122 points in February and has gained almost 30 per cent since the start of the year.

The increase was largely attributed to a rise in the number of younger people who said Government policy was encouraging savings.

"The increased approval for Government policies regarding saving is a trend that we have seen since the start of the year," said Brendan Synnott, managing director of Nationwide UK (Ireland).

“This is the impact of last year’s budget filtering through, with measures such as the reduction in the universal social charge having a positive impact on how people feel Government policy is helping them save.”