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Savings habit returning

Savings habit returning

Category: Savings

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

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 It is now over 6 months old so the content may be out of date.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

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