Savings 'at record highs' in spring

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Savings 'at record highs' in spring

Fri 26th Jun 2009

Brits have been busy counting their pennies this year, it seems, as statistics from National Savings & Investments (NS&I) revealed that savings reached record highs in the UK during the spring months.

The NS&I figures also show that Britons put aside an average of £92.41 per month in spring, an increase from £90.12 during last winter.

Founded in 2005, the Quarterly Savings Survey discovered that the number of people who save has remained steady for the fifth consecutive quarter - 47 per cent of respondents said that they save money each month.

"Many of us are cutting back on unnecessary spending and instead are putting a priority on saving, as saving for an emergency continues to be the number one reason for putting money aside," commented Dax Harkins, senior savings strategist for NS&I.

Brits who were moderate smokers before the countrywide ban was implemented in 2007 could have saved themselves around £8,500 by now, calculations from MoneySupermarket.com show.

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