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Savings both sink and swim

Savings both sink and swim

Category: Savings

Updated: 16/09/2009
First Published: 16/09/2009

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 It is now over 6 months old so the content may be out of date.

The economic downturn has been blamed after it was revealed six per cent fewer people are saving now compared with at the turn of the year.

According to new research from Abbey, four in ten Britons have been found to be saving nothing at all, while a quarter of those that do put something away said they were saving less now compared with last year.

However, more encouraging is the news that overall the average amount saved monthly has increased from £163 in January to £206 today, a rise of 26 per cent.

Almost two thirds of savers said they had an instant access savings account, four in ten hold a cash ISA , while a fifth have a regular savings account.

Stocks and shares ISAs are held by 14%, while almost one in ten said they had a savings bond.

"At a time when it's never been more important to put money away for a rainy day, it's encouraging that the amount being set aside by savers each month has risen by more than a quarter," said Reza Attar-Zadeh, Abbey's director of savings & investments.

"It's not too late for those Britons who haven't yet kick started their savings habit to do so. Putting aside even a small amount each month will quickly add up to help provide them with a safety net in today's difficult economic climate."

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 Any products featured may be withdrawn by their provider or changed at any time.

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