UK Money News
29th January 2008
Brits savings rise nearly 40-fold
Claims that Britons are facing large debts have been challenged by the results of a new study indicating that saving may be more common than has been previously thought.
According to the NS&I's Century of Saving report, Britons have increased their savings nearly 40-fold since the early 1960s.
Meanwhile, between 2000 and 2007, consumers' savings are up 31 per cent – a statistic that would seem to refute reports that the last decade has seen debt soar to record levels.
Moreover, the report authors said, the practice of saving for nest eggs will become more prevalent in years to come.
Senior savings strategist NS&I Dax Harkins commented: "Advances in technology over the last half century such as telephone and internet banking have made it easier for savers.
"We expect future developments will play a part in boosting the future savings ratio by making new products possible and allowing new ways to access them."
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