More emphasis on savings 'apparent in the UK'

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More emphasis on savings 'apparent in the UK'

Mon 26th Apr 2010

People in the UK are placing more emphasis on saving money and paying off credit cards, according to an industry expert.

Chief executive officer of ING Direct Johan de Witt noted that amount of money going into savings accounts is very low - the figure for the quarter stands at an average of 1.6 times a person's monthly take-home salary - but people are more determined to build on this.

He explained that there is a general feeling of people going "back to basics" and choosing to save more.

Mr de Witt explained: "We are also seeing a trend, which is getting stronger and stronger, that people start saving before they make big purchases and use their credit cards less and less."

He stressed that this positive pattern relies on savers coming good on their intentions to put more money aside.

These comments were made following the publication of the ING Direct consumer savings monitor, which recorded the average savings of individuals in the UK as being £2,023.

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