Savings

Financial Planning, Long Term Savings, Regular Savings

Saving is on the rise in UK

10 Mar , 2015  

Britons are saving 9.25 per cent more than they did last year according to a recent survey by National Savings and Investments (NS&I).

The quarterly survey shows that younger Brits are feeling more positive about their ability to save. On average each per person is saving approximately 20 per cent more per month than they did this time last year. Individuals are now putting aside an average of £113.77 each month - or 8.52% of their income.

The higher amounts reflect what people are putting into their bank accounts and/or other savings options such as ISAs, but they exclude pension contributions. That spike in figures could, in part, be explained by the over 65s, who are rushing to buy government pensioner bonds, which offer higher rates of interest. The average save under 65 has to endure continuing low interest rates, which in some cases have slipped as low as 0.01 per cent a year!

Some things have not changed though, with men continuing to out-save women. Men now save 35% more in monetary terms than women (men £121.54, versus women £89.81).

Source: National Savings and Investments (NS&I)

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