Savings levels soar to two year high - 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 levels soar to two year high

Savings levels soar to two year high

Category: Savings

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

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 It is now over 6 months old so the content may be out of date.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

If you're making the effort to save money each month, it's vital your savings account delivers the very best return possible.

Check out our best selling savings accounts to make sure you're getting a good savings deal.

There you'll find a wide variety of savings accounts from well known providers such as ICICI Bank, Northern Rock, Barclays and Chelsea Building Society.

Find the best savings rates for you - Compare savings accounts

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 Any products featured may be withdrawn by their provider or changed at any time.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