Savings habit returning - Savings - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Savings habit returning

Savings habit returning

Category: Savings

Updated: 11/05/2009
First Published: 11/05/2009

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 It is now over 6 months old so the content may be out of date.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 amount Britons are saving on a quarterly basis has increased for the first time in over a year, leaping 82 per cent in the last quarter.

In the three months to April, Britons set aside an average of £597 compared with £329 during the three months to January, according to Birmingham Midshires.

It is the first positive rise in savings trends since January 2008, although there is still some way to go to reach the £930 average savings achieved this time last year.

The survey also revealed that fewer people are raiding their savings, with the number who admitted to withdrawing money in last three months falling by three per cent since January to 37 per cent.

"People often batten down the hatches and 'stock up for winter' during times of financial uncertainty," said Tim Hague, director of savings & investments.

"The emergence of a society which places a higher priority on saving for the future, rather than spending for the moment, could be the positive effect of the current downturn."

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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.