Interest rates are down again, the return to saving is ever lower. As a result people are saving less. So, yes, this is entirely true:
Record low interest rates, falling consumer prices and high employment levels have caused the largest collapse on record in Britain’s saving habits.
A monthly report from GfK shows that people’s desire to save money plummeted in August, dropping 16 points from July, in the same month that the Bank of England cut interest rates to a record low of 0.25 per cent.
This was the sharpest month-on-month fall in the survey’s history of conducting a savings index, which began in 1996.
The Times then headlines this as people being "Spendthrift". Which is really rather unkind. Because the very point of the cut in interest rates is to stop people saving and to get them our there going spend, spend, spend.
There's something called the paradox of thrift. When people save more this reduces demand in the economy. This slows down, in the short term at least, the growth of the economy. This then leads to people having less to save and so savings fall.
The solution, at least one and generally accepted one, to this is that when there's not enough demand in the economy cut interest rates to dissuade people from saving. This increases spending and gets the economy growing again.
Quite how valid this all is is up to you to decide. But to call people spendthrift just because they're doing what the Bank of England has deliberately changed policy to encourage them to do seems a bit off to us.