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Savings pounds being piled on

Savings pounds being piled on

Category: Savings

Updated: 16/04/2010
First Published: 16/04/2010

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 It is now over 6 months old so the content may be out of date.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 have almost doubled the amount they are saving over the last 12 months, a new survey has revealed.

During the past three months, savings accounts welcomed an average deposit of £1,031, according to research from Birmingham Midshires.

This was significantly up from the figure of £554 recorded during the same period year, and also a rise on the £776 seen in the previous quarterly period.

Around a quarter (26%) of people surveyed said they were saving for a rainy day, a reason beaten only by the number of people saving for a holiday (27%).

Although two in five adults admitted to raiding their savings accounts over the past three months, the average amount withdrawn had reduced to £1,499, down from £1,724.

Almost a quarter (22%) of respondents said they had plundered their savings accounts to pay for emergency home or car repairs, whilst a sixth (15%) used their savings to pay for a holiday.

"It is reassuring to see that people have increased the amount they save for the second quarter in a row, as good saving habits are important to ensure you can plan ahead financially," said John Bianco, senior manager at BM Savings.

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