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Savings levels on the rise

Savings levels on the rise

Category: Savings

Updated: 14/12/2009
First Published: 14/12/2009

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 It is now over 6 months old so the content may be out of date.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 saving habits of the nation appear to be improving after it was revealed the average Briton is now managing to put £198 aside each month, 21% more than at the start of 2009.

In addition, just over a quarter (28%) of savers said they were planning to put away more next year than they had in the past 12 months, according to Abbey.

While women are saving a third more than at the start of the year at an average of £176 per month, men are putting away £220 per month, a 12% improvement.

Almost a half (44%) said they currently hold a cash ISA, while 14% have a stocks and shares ISA.

Disappointingly, however, 39% of those surveyed admitted to saving nothing at present, while one fifth (20%) claimed to have no savings whatsoever.

"It's encouraging to see that the nation's saving habits have picked up over the past 12 months, despite the fact that people have been faced with such a challenging economic climate," said Reza Attar-Zadeh, director of savings & investments. "However, it's still concerning that a large number of people still have no savings at all.

"Whether savers decide to put their money aside for the long term, for a specific purpose such as a Christmas or a holiday, or for emergencies, the most important thing is to work out a plan of action that works for them - then choose the right accounts to suit their needs."

Find the best savings accounts for you - Compare cash ISAs

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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