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Britons save £120 a month on average

Britons save £120 a month on average

Category: Savings

Updated: 20/05/2009
First Published: 20/05/2009

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 It is now over 6 months old so the content may be out of date.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 average amount of money saved each month by Britons is currently £120, a significant drop on previous figures.

A snapshot of the nation's savings habits by Abbey Savings has revealed we are saving £43 less now than in the first three months of the year.

The typical male saver is still managing to set aside £155 a month on average, although this is down from the £198 a month that he was saving between January and March this year.

Women appear to be saving a lot less, with just £86 a month put away – a £45 reduction on the figures from the first quarter of the year.

The report also revealed that well over half of us (63 per cent) have an instant access savings account, while 43 per cent of consumers use a cash ISA for their savings.

However, the amount we save as a nation should increase in the coming months, if people's intentions are turned into real action. A quarter of Britons are planning to increase the amount they save in the next three to six months, while one in ten are already putting away more this year compared to 2008.

"We are certainly observing an overall decline which may not come as a huge surprise, but it's positive to see that there are some good intentions out there," said Reza Attar-Zadeh, director of savings.

Savers can choose the best cash ISA or savings account by viewing Moneyfacts independent best buy tables.

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 Any products featured may be withdrawn by their provider or changed at any time.