European savers 'being put in the shade'

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European savers 'being put in the shade'

UK savers are being put to shame by the efforts of families in China, new data has revealed.

"Despite significantly higher income levels, today's British and German households are both being roundly beaten in the savings stakes by urban Chinese households," commented Greg Coughlan, head of savings at Lloyds TSB.

Figures published by the bank revealed that the UK has one of the worst records for saving in Europe, with German families saving twice as much as Brits on average, while further afield, families in China are saving nine times as much per year than their UK equivalents.

However, Mr Coughlan added that UK savers are becoming more engaged with their finances and there is hope these figures will improve over time.

The news follows comments by Mark Bower, managing director at moneymaxim.co.uk, who argued that in the present financial climate, it could be more prudent for Brits to focus on reducing their borrowings than saving due to the historic low level of interest presently set by the Bank of England.

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