The nation is saving more than ever, reveals a National Savings and Investments (NS&I) survey
NS&I research has found that consumers are cutting spending and focusing on saving.
The results, taken from its quarterly savings survey, showed that on average, Britons are setting aside £92.41 each month, up from £90.12 in winter 2008/09. Regular savers are also putting away the largest amounts since the survey began four and a half years ago – £209.23 a month this quarter.
This increase in the population’s savings comes despite a small drop in income levels over the same period, with the amount saved as a percentage of income increasing from 6.35% in spring 2008 and 6.48% in winter 2008/09 to 6.83% this spring.
The average amount held in savings has gone up from £17,372 in winter 2008/09 to £18,443 this year. However, consumers are being reminded to look carefully at whether they could improve their savings habits, as at present, 32% of savers don’t think they have enough savings to cope in the event of an emergency.
Dax Harkins, senior savings strategist at NS&I said: ‘Many of us are cutting back on unnecessary spending and instead are putting a priority on saving, as saving for an emergency continues to be the number one reason for putting money aside.
‘At the moment just over a quarter (27%) of those with savings set aside are saving for something specific.’
Visit www.which.co.uk/savings to see our weekly Best Buy savings account updates. If you haven’t used your Isa allowance for the year, check out our Best Buy Cash Isas.
Which? Money when you need it
You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.
Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.
Or for money-saving tips, and news of how what’s going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast
For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.