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Spring savings figures hit record high

New NS&I survey reveals savings increase

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.

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Spring Survey

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.

Changing Behaviour

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.

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