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Britons look to improve their savings habits

Britons look to improve their savings habits

Category: Savings

Updated: 03/04/2012
First Published: 03/04/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Britons looked to get their savings back on track last winter, with the amount we're putting aside increasing for the first time in six months.

In the three months to February, consumers put aside 7.66% of their income, figures from NS&I show.

It means that on average, we are managing to save £95 a month, the highest amount since spring last year and up from £88 at the end of 2011.

This improvement comes on the back of a difficult year when savers struggled.

Between spring 2011 and autumn 2011, the average amount of income saved fell one percentage point from 8.31%.

"While many people found saving a challenge last year, our data shows that there has been an improvement in recent months," John Prout, NS&I retail director, said.

"With saving reaching its highest levels since spring 2011, it appears that people are taking action and committing to setting more money aside for the future."

However, there are still worries that people are not saving enough, meaning they could run into real difficulties if something unforeseen were to happen.

This winter over a fifth (21%) of Britons, or 10.38 million people, have less than £1000 in savings and, more than one in ten (13%) have no savings at all.

People aged between 45 and 54 appear to be facing a particularly challenging time, saving just 5.88% of their incomes, the lowest of any age group.

Mr Prout said that savers should look to boost their savings by setting themselves specific goals.

"Setting an objective is a great way to keep focus, even if you only save a small amount towards it each month.

"Many of us could be doing a lot more to manage our money better and it's never too late to look again at your finances."

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