Savings 'increasing among Britons'

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Savings 'increasing among Britons'

British consumers are becoming more prudent when it comes to saving and have increased the amount of money they are putting away by almost a third since 2000.

According to the Century of Saving report from National Savings and Investments total UK savings have increased by 31 per cent over the last seven years to reach £43.9 billion.

Some 43 per cent of UK households are now saving on a regular basis, with seven per cent setting money aside weekly and the other 36 per cent doing so each month.

However the report points out that despite the increase it could be another 50 years before the majority of Brits become regular savers.

Dax Harkins, senior savings strategist at NS&I, said simple measures such as setting up a standing order to make automatic savings contributions just after pay day can help people get into the habit of saving.

Meanwhile the personal finance website moneyfacts.co.uk is urging consumers to shop around for deals on fixed rate savings bonds in order to ensure guaranteed returns on their investments before interest rates come down further.
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