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Two in five Brits save nothing

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by David Masters

Nearly half of UK consumers are failing to save any of their monthly income, research by Abbey found.

Two in five Brits are not putting any money aside. However, those who are saving are managing to bank more cash than they were at the start of the year.

The average amount saved has increased 26% since January to £206 per month.

Instant access accounts are the most popular, Abbey found, with two thirds (65%) of savers making sure they can get to their savings whenever they need them.

A fifth of savers, meanwhile, keep their cash in a regular savings account.

Abbey urged Brits who aren’t saving already to cultivate a savings habit.

“It’s not too late for those Britons who haven’t yet kick started their savings habit to make a start – putting aside even a small amount each month will quickly add up,” said Reza Attar-Zadeh, Abbey’s director of savings and investments.

Last week Abbey launched a two-year fixed-rate ISA paying 3.5% interest.

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News posted: September 18, 2009

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