Savings increase shows attitude change

Monday, January 23, 2006

Britons are saving more than at any other time in the last eight years, according to the latest figures from the Building Societies Association (BSA).

Statistics for 2005 also showed the amount Britons deposited in savings accounts and the like in December was the second highest for almost 20 years, an indication that Britain is becoming a nation of savers not spenders.

"Net savings inflows in 2005 were the highest since 1997 and the second highest since 1988," said Adrian Coles, director general of the BSA.

"Clearly people trust building societies to offer good value and a safe home for their savings. Overindebtedness grabs the headlines, but these figures show that many people are sensibly looking after their future."

Net inflows to building societies were £1,138 million for December 2005, a figure that rose from December 2004's £998 million.

On the other hand, there was a fall in net advances for mortgage loans, down to £828 million for December 2005 compared with £907 million of a year before.

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