British adults 'rapidly increase' their savings

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British adults 'rapidly increase' their savings

Savers have increased the amount they have set aside by 136 per cent since this time last year, it has been stated.

Birmingham Midshires reported that, on a quarterly basis, the sum that people are saving is going up.

In the three months up to January 2010, the average Brit put £776 into their savings accounts. In comparison, twelve months earlier the total was £329.

The amount that people are withdrawing from their savings accounts has gone down, with £1,724 being withdrawn on average compared to the high of £2,191 in July 2009.

The number of people investing their extra cash has also gone up, with 27 per cent of the population now setting money aside.

John Bianco, head of Birmingham Midshires savings products, said: "It is encouraging to see that people are taking their savings seriously, putting away more and raiding less."

The institution reported last year that saving up to buy their own property was a priority for 29 per cent of people.

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