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Savings levels are on the up

Savings levels are on the up

Category: Savings

Updated: 19/11/2015
First Published: 19/11/2015

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

How much have you been able to save in the last few months? Well, if you're anything like the respondents to NS&I's latest survey, your balance could well be stacking up, with the figures revealing that savings levels during the summer months were the highest for a decade!

Healthier savings habit

The latest NS&I Quarterly Savings Survey has revealed that the typical Brit stashed away 7.75% of their average income each month during the summer, up from 7.63% at the same point last year (summer 2014), and a notable increase from the 6.98% of average earnings that were squirreled away five years ago.

In monetary terms, the figure represents the highest amount saved during the summer on record, with respondents putting an average of £104.84 per month into a savings account. This continues the trend of steady savings rises that have been recorded in previous summers, and by all accounts, the figures could improve further still in the coming months, with autumn traditionally being the season when savings levels spike.

In fact, 20% of respondents said that they're more likely to save money in the next three months than previously, with the younger generations in particular showing a commitment to giving their savings an autumn boost: 48% of those aged 16-24 and 33% of 25-34 year-olds think they will save more in the coming three months, both far higher proportions than the older age groups.

A bright future

Overall, 78% of respondents said that they'll either maintain or increase their savings activity during the autumn, and encouragingly, even those with little or no savings are hoping to build their pot: 18% of those with no savings at all and 27% of those with under £1,000 in savings think they'll be able to save more in the autumn than before, and with Christmas just around the corner, there's never been a better time to get started.

Jill Waters, retail director at NS&I, commented on the findings: "It's encouraging to see that summer savings levels are at a record high, and we are encouraged that Britons think they will be more likely to save over the next quarter, too, as an autumnal savings boost is a good idea given the expenses of the festive season ahead.

"Regularly reviewing our savings behaviour and putting aside that bit of extra money each month – either for a rainy day or a big ticket purchase especially in the run-up to Christmas – is a good habit for us all to be in to. Now is a good time of year for people to look at their finances and evaluate what they can reasonably put aside, so they can plan for the expected and the unexpected."

What next?

Get in on the action by checking out the top easy access accounts, or consider regular savings accounts to really kick-start the savings habit. And don't forget cash ISAs!

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.