UK Money News
18th February 2008
Brits saved less during second half of 2007
Increased pressure on households' finances has hit saving levels among Britons, a study suggests.
When Investec Private Bank last conducted its savings monitor, it was found that 41 per cent of Britons were savings a proportion of their income every month - a figure that has remained unchanged during the last six months.
However, the amount that the average saver has put aside has fallen from £284 to £233.
This is thought to be due in part to increases in the base rate of interest during the first six months of last year, which meant that a greater proportion of incomes were swallowed up by mortgage repayments.
Linda McBain, head of banking at Investec, commented: "Our research shows the proportion of people saving on a regular basis has remained unchanged over the past six months.
"However, it appears people are saving less each month as they tighten their belts."
The study also showed that consumers' are failing to take an active interest in their finances, with just one third of respondents found to be aware of the rate of interest on their savings account.
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