Legal & General’s MoneyMood Survey shows 62% of adults in the UK were in the mood to save at the end of June, slightly higher than the figure for the same month in the previous two years 2005 and 2006, which was 60%. However, over the three year period the mood to spend has shown a steady decrease.

Julia Clayworth, wealth management customer marketing manager, said: “The Bank of England monetary policy committee has raised the interest rate five times since August, which is good news for savers. So it’s hardly surprising that MoneyMood figures show we are in ‘save’ mode compared to three years ago. But clearly higher interest rates are not good news for borrowers and this is reflected in the fall in the mood to spend since August, which now stands at the lowest level for three years.

“MoneyMood also found that the percentage of households who said they have money to spend after paying bills and debt payments has fallen to from 57% from 61% over the last 12 months.”