UK Money News
6th February 2008
Brits saving more, report shows
The prospect of an economic slowdown and increased living costs is prompting more Britons to curb their spending and put aside more of their wages, a new report suggests.
Figures from Birmingham Midshires’ Saving Britain report show that the number of people who currently have savings in their account currently stands at 69 per cent.
A year previously, 66 per cent of people had managed to put money aside.
Moreover, despite economic conditions which would ordinarily cause household budgets to be tightened, the amount held in the accounts has remained stable at around £813.
The survey’s findings suggest that consumers are adopting a prudent attitude towards their finances after a long period in which consumer spending had increased dramatically - a development that was welcomed by Jason Robinson, director of savings operations at the firm.
He commented: "While the economic climate has led to a tightening of budgets amongst households throughout Britain, we are delighted to see that people are getting into the savings habit and are maintaining the amount they set aside each month.
"While many people in Britain may be finding life a little tougher this January compared to last, it is even more important that those with savings are on the lookout for savings accounts that make their money work the hardest for them."
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