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Savings levels soar to two year high

Savings levels soar to two year high

Category: Savings

Updated: 13/08/2010
First Published: 13/08/2010

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 It is now over 6 months old so the content may be out of date.

Britons are saving more of their monthly income than at any point over the past two years.

Although many will have had to tighten their purse strings of late, National Savings & Investments (NS&I) has revealed that people are setting aside 6.9% of their income each month into a savings account.

It is the highest level seen since before the start of the economic downturn.

The research also revealed that the actual amount of money being placed into savings accounts has risen for the first time in a year.

On average, Britons are now saving £85.21 each month, up from £81.94 in the first three months of the year.

With the average amount of income that people 'take home' having fallen to £1,235.00, down from £1,310.10 last quarter, it appears that savings have become more of a priority.

Indeed, the number of people who claimed they regularly save each month has increased to 50% of the population.

It is the first time for more than two years that half of the population has been actively putting money into a savings account.

"It is encouraging news that many of us are managing to put a few more pounds away each month," said Tim Mack, NS&I savings spokesman.

"However, our latest savings survey showed that nearly a third of us still don't feel confident we have enough money to get by in an emergency.

"It is only by maintaining our commitment to savings that we will achieve this peace of mind."

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