Brits saving more since onset of recession

| April 1, 2009 | 0 Comments
Brits savings more since onset of recession

Brits saved more money in the winter of 2008 than during the rest of the year, research from NS&I has revealed, showing that the credit crunch has encouraged people to save.

During the winter up to February 2009, people saved an average of £201.55 per month, compared to a monthly average of £193.34 for the whole of 2008.

The National Savings and Investments (NS&I) poll found that 57% of Brits are saving in case they need emergency money during the recession.

A similar number (46%) said their savings are for a holiday.

Putting money aside for a house deposit, mortgage, or home improvements was also popular, with 39% of respondents saving for these.

However, 6% of those surveyed said they have saved nothing in the past year, and 13% admitted to having no savings at all.

Dax Harkins, NS&I spokesperson, said: “It is clear that people are aware of the need to save more in these uncertain times and it is encouraging that, despite additional pressures on incomes, the average value of people’s savings was £17,443.”

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