A frightening number of people are still refusing to accept the point of saving. Harvey Jones just can't understand it.
As Polonius advised his son in Hamlet: "Neither a borrower nor a lender be. But a saver, well that's a different matter. A saver is a very good thing to be, my son, a wise and prudent thing, especially in a recession, or credit crunch, of variation thereof."
Shakespeare's Polonius didn't foresee the days of 0% savings rates, but his advice (even the bit I made up) still stands. We've wisely stopped borrowing, the banks have stopped lending, and according to a new report, "confidence in the savings market is beginning to return".
Nationwide's monthly Importance of Savings index for July has just been published under the banner headline "Future Savings Index hits all time high", which filled me with hope that people are finally learning to save money rather than spend it.
But then I read the report in full.
Mind the gap
According to Nationwide, the gap between those who expect to be saving more in six months' time (18%) compared to saving less (21%) closed to its narrowest point ever, with savers in the ascendant.
Not great, is it? But at least one in five of us are giving it a go.
Saving? What's that?
Then came the real shocker. When faced with the question "is saving in general important", 60% replied yes, up 3% on June.
But surely "yes" is the only answer a sentient being could give to such a simplistic question. I dread to think what went through the minds of 40% who answered in the negative.
"Er, no, I do not think saving money is important. No, no, no. Lot of nonsense. Nor do I see the point of drinking water either. Or eating food. Or sleeping. How silly."
Can't save, won't save
Nationwide has trumpeted its latest monthly findings as evidence that the recession is "generating a shift in attitude toward saving", but the more I examine the data, the more worried I get.
We are in the midst of the greatest recession since the Second World War, choking on £1.4 trillion of personal debt and facing a tsunami of job losses. Yet faced with this, 40% of us still can't concede the general point that saving money is a good thing.
I despair.
I can understand people can't afford to save right now, because they have lost their jobs or are focusing on paying down their debts, but I'm astonished that so many simply can't see the point.
A Nationwide spokesman says this data is "very encouraging", but if our attitude to saving has (marginally) improved in recent weeks, that is only because it was so atrocious before.
Low is the new high
With base rates at an historic low of 0.5%, perhaps people simply don't see the point.
Just 20% agreed that "now is a good time to save given the current economic environment", up 2% over the last month. On the other hand, 50% say it isn't a good time at all.
Really? I would say the current economic environment makes now an insanely good time to save. I can only assume so many people are negative because headline savings rates look shockingly low.
But given the current low inflation rate, they're not so bad. Don't believe me? Here are Eight smashing savings accounts.
Start 'em young
I've always been a saver. I remember when I was nine years old, saving 10p a week in a small box for my summer holiday, and being delighted by how many coins I had saved after 30 weeks.
Today, of course, £3 wouldn't buy you a bag of scraps and a bottle of blue pop down the chippie, but it was a lot of money to a nine-year old in 1975, and I was very proud.
Perhaps that's a bit sad, but it's a lesson that has stood me in good stead in adult life. Clearly that's a minority view.
Save, save, save
I always feel a twinge of guilt when I encourage you all to save more, because I should be encouraging you to spend it.
That's what the economy needs, you and me out on the high street rashly spending our cash, supporting jobs, shops and businesses, rather than sensibly tucking it away in the piggy bank.
But I'm afraid at some point we have to become money hogs, because our debt-fuelled spending spree couldn't go on forever.
Having seen the latest "good news" on savings, the high street has nothing to fear, but we do. If the current recession doesn't inspire us all to save for a rainy day, I can't see what will.
I mean, how rainy does it have to be?
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