Britons' savings increase

Wednesday, December 14, 2005

UK residents are beginning to boost savings and pay off debts, according to the latest figures from National Savings and Investments (NS&I).

In the last quarter of the year, NS&I says that savings per head stood at £174.43 each, a savings increase from £158.26 of summer this year, and £163.40 from autumn 2004.

Since the survey began in September 2004, the savings for the last quarter represent the largest salary percentage, with 7.16 per cent of earnings being saved.

"It is extremely encouraging to see so many savings records being achieved," said NS&I's senior savings strategist, Dax Harkins.

"This confirms autumn as a good time to get serious about saving and together with the fact that the majority of people intend to save more over the next 12 months, shows that messages about the savings gap are getting through."

He added: "Both factors indicate that people have begun to return to a more responsible attitude towards saving, as they see around them the harsh consequences of unmanageable debt."

The increase in savings suggests a change in attitude amongst consumers, NS&I has said, from "spend, spend, spend" to "save, save, save".

Get some help finding the right savings account here:
http://www.europinions-finance.co.uk/savings/savings/