UK saving levels increase

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UK saving levels increase

The UK's savings pot grew to its highest level since 2000 in the second quarter of this year, as Britons continue to stash away their earnings.

But despite this encouraging statistic, UK consumers are still taking on more debt as they borrow an average 48p for every pound saved.

New figures from IFA Promotion (IFAP), an organisation promoting independent financial advice, shows that British consumers put £38.6 million into savings accounts between April and June, yet they are borrowing millions at the same time.

David Elms, chief executive of IFAP, warned that while saving of any kind is good for people's finances, Britons need to show the same commitment to their borrowing habits.

He said: "People are beginning to take heed of repeated calls to start saving but seem to be eliminating spending and borrowing behaviour from their budgetary considerations.

"The simple fact is that if we don't stop borrowing money, the positive effects of saving will be negated."

IFAP's latest promotion aims to help British consumers get a hold of their finances, urging them to seek out financial advisors who can talk them through the best saving and borrowing options for them.

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