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Join the savings revolution….

Join the savings revolution….

Category: Savings

Updated: 09/06/2010
First Published: 08/06/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
A savings revolution is said to be under way after it was revealed younger savers have overtaken the older generation when it comes to getting into the savings habit.

For the first time, younger adults (aged 18 to 34) appear to be leading the way, banking 16% more than the national average and 25% more than those over the age of 55 each month.

The research from Santander Savings found that the average Briton makes a monthly saving deposit of £116, but that younger people are raising the bar, putting aside £134 each month.

Britons aged between 35 and 54 are putting away an average of £112 each month, while those over 55 years make average monthly deposits of £107.

"The outlook for savings definitely remains positive with young people really setting the standard," said Reza Attar-Zadeh, director of savings & investments.

"These latest statistics prove that the recession has changed people's attitudes to saving and a new generation of savers not spenders has finally arrived.

"With the average first time buyer now putting down a deposit of almost £33,000, young people are fast recognising the need to start saving earlier and harder to pull this amount together.

"The prospect of saving can be a daunting one, particularly for first time buyers, which is why finding the right account is vital."

Amongst some of the best introductory bonus savings accounts around at present is an account from Alliance & Leicester, part of the Santander Group, paying 2.81%.

Requiring a minimum deposit of £1K, the rate on this account includes a bonus of 2.31% for 12 months.

Also riding high in the charts is Birmingham Midshires and Tesco Bank, both of whom offer accounts paying 2.75%.

The account from Birmingham Midshires includes a 2.25% bonus for 12 months, while the offering from Tesco Bank includes a 1.50% bonus for 12 months.

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