For those who are lucky enough to have spare cash, saving rates highly on consumers intentions. When asked what consumers choose to spend extra money on, the top five spending priorities are dining out (35%), savings account/emergency/rainy day fund (33%), going out (pub, cinema etc) (33%), small extras for family members (26%) and books, DVDs and CDs (25%).

However, with savings being eroded by the effects of inflation and taxation, there is little incentive for people to save now. According to Andrew Hagger of Moneynet.co.uk, basic rate taxpayers now need to earn 5% gross on their savings to maintain their spending power - a rate unobtainable on any standard savings account at the moment.

- Fewer Britons saving for a rainy day, Guardian.co.uk, February 16, 2011.

About the author:

Zhang Xin is Trainer at chinadaily.com.cn. He has been with China Daily since 1988, when he graduated from Beijing Foreign Studies University. Write him at: zhangxin@chinadaily.com.cn, or raise a question for potential use in a future column.

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