Britons Saving More Each Month

Published on in Banking News by

A new survey has surprisingly shown that the average Briton is now putting more of their money away in savings than ever before.

saving accountsSavings levels have increased for the third quarter in succession and Brits are now saving slightly more than 8% of their income every month.

NS&I’s Quarterly Savings Survey has been running since winter 2004 and provides a snapshot of how the nation is saving. The new figures reveal that a sum of £104 in real terms being put away each month, which is the highest amount recorded by the survey since it began.

Perhaps most surprising of all, it seems that it is the younger generation who is leading the trend, with the 25-34 age group saving 9.29% of their income each month, which translates into a figure of £125 in real terms.

NS&I Retail Customer Director John Prout said: “It is really good to see the average amount saved per month has risen over £100, especially as the cost of Christmas can often be felt for some time after.”

The results show that Britain’s savers have overcome the traditional Christmas spending hangover, and it is the first time since spring 2011 that the average amount Brits are saving each month has broken the £100 barrier.

With a background of continuing austerity, it is also surprising that the survey shows the number of Britons who are not making any savings each month has decreased. Only 20% now put nothing aside each month, down from 25% in the previous quarter.

Mr Prout continued: “The research suggests that most age groups in Britain are saving more and this corresponds with an increased use of savings goals from last summer, which can only be an encouraging sign for the future.”

Making savings is a great way to be prepared for emergencies – or to treat yourself to something nice! Remember to compare bank accounts in order to ensure you are getting the best deal.

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