Brits becomming savvy savers

Savings, Personal finance, MoneyBrits are fast becoming a nation of savvy savers, with new figures revealing that UK consumers are ploughing even more of their hard-earned money into savings accounts.

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According to NS&I’s Quarterly Savings Survey, savings levels have risen for the second successive quarter, with Brits now saving 7.33% of their income each month (£90 in real terms), up from 7.17% in the previous quarter.

The research also revealed that women are more savings-conscious than their male counterparts, putting away 7.69% of their monthly income, compared to 7.10% for men.

Savers in the 35-44 age group led the way in terms of setting aside more money for a rainy day, now saving 7.22% of their incomes compared to 5.62% in the previous quarter (£103 in real terms compared to £81 in summer 2012).

Reassuringly, more than half of Britain’s savers feel that they have enough money in savings to act as a financial buffer in an emergency, an increase from 50% in Spring 2012.

John Prout, NS&I Retail Customer Director, said: “It is encouraging to see that savings levels have increased for the second quarter in succession, however we know that these are at low levels and the need for people to review every aspect of their spending to see if they can build up more of a financial cushion is still ever pressing.”

While some Brits are actively putting the right measures in place to secure their financial futures, others are failing to exercise any caution at all.

A quarter of Britons (25%) fail to set anything aside for savings in an average month. This is up from 21% in the last quarter and 19% this time last year.

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Posted by: WarrenWilson Categories: Finance Tags: , , Comments Off on Brits becomming savvy savers

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