UK Money News
23rd May 2008
Cautious Brits 'are saving more'
Britons are saving more to help them mitigate the effects of the economic downturn, a new study has shown.
In a poll conducted by Birmingham Midshires, it was discovered that over the last three months, the average Briton has managed to put aside £938.
During the same period last year, the figure stood at £910, suggesting that the rising cost of living coupled with gloom in the economy has inspired a new caution among consumers.
This was further born out by the fact that Britons are raiding their existing savings less, with the average consumer having withdrawn £1,700 this year compared with £2,000 last year.
Tim Hague, director of savings and investments at Birmingham Midshires, commented: "This research shows how current market conditions are playing on the minds of Britons.
"Despite a marked increase in living costs, people are becoming more cautious and managing to save more and spend less, with their financial future in mind."
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