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UK savings habits

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by Kay Mitchell

The latest Saving Britain Report has been published by Birmingham Midshire, the mortgage lender, and shows that UK savers have invested less money in past 3 months, than in the same period of 2006, with the average amount saved at £910. The report questions 2,000 people about their savings habits, every 3 months.

This is almost one-third less than in the same 3 month period of 2006, when £1,376 was the average amount put away. However, the report shows a rise in the amount of people who have put money away for a rainy day.

This group increased to 67% of respondents, compared with 62% during the same in 2006. Reading between lines, the information indicates that rising costs in some areas are reducing the capacity to save. However, rising interest rates are encouraging people to save.

Younger people are doing the best with the age group 18-24 saving approximately £1,523, compared to £688 for the over 55 age group.

The UK’s most careful savers live in the Scottish Borders region and those in North Scotland have £1,820 put aside. However, in the South West, only 33% of respondents saved nothing during the past 3 months.

The latest statistics from the Office of National Statistics show that the savings ratio in the UK is at its lowest since for over 40 years.

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News posted: August 14, 2007

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