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Savings levels rising

Savings levels rising

Category: Savings

Updated: 24/03/2010
First Published: 24/03/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The average saver is putting away £219 each month, over a third more than at the same time last year, new research has revealed.

As a nation, savers have collectively put away £59.4 billion over the past twelve months alone, according to Santander.

However, despite the encouraging statistics, 20.1 million Britons (41% of the population) said they were not currently saving anything at all.

Of even greater concern, 11.3 million (23%) admitted to having no savings at all.

Optimism can, however, be found in the news that almost a quarter (23%) of the population intend to increase their saving levels within the next six months.

"There's no denying that last year was financially challenging so it's great to see that people are continuing to plan ahead and build up that all important savings pot," said Reza Attar-Zadeh, director of savings & investments for Santander.

"We know saving can sometimes be difficult but it's never too late to start. Setting aside even a small amount each month can make a huge difference in the long term."

Regular saver accounts and fixed rate savings bonds of at least a two year term were recently revealed by to offer savers the best chance of shielding their savings from the effects of inflation.

Savers that have not already used their ISA allowance for the current tax year can also protect their savings from the tax man until 5 April.

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