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Consumers still saving over £160 per month

Consumers still saving over £160 per month

Category: Savings

Updated: 11/03/2009
First Published: 11/03/2009

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 It is now over 6 months old so the content may be out of date.

UK savers are still putting away over £160 each month despite tough economic conditions.

Although the amount is down £54 on last year's average, typical savers are still able to hold back £163 on a monthly basis, according to Abbey Savings.

The snapshot shows men are the most effective savers, carrying over just short of £200 a month (£196) compared to £131 for women. Over half (58 per cent) of consumers have an instant access savings account while 42 per cent pay money into an ISA.

The research also revealed that 45 per cent of people are still saving the same amount as they were 12 months ago but only 11 per cent feel they are in the position to pay more.

"Despite ever-growing pressures on the pocket, people are still putting some of their hard-earned money aside," said Reza Attah-Zadeh, director of savings and investments.

"The most important thing for people to do when thinking about saving is to work out a plan of action that works for them and then choose the right accounts to suit their needs."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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