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Wednesday 13th of January 2010
December 7, 2009    

Brits keep saving during downturn

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by David Masters
Brits keep saving during downturn

Brits are continuing to put money aside into savings accounts despite the recession, according to new research.

People are saving around 6% of their take-home income, a similar level to 2005, the survey by National Savings and Investments (NS&I) found.

Financial uncertainty and low interest rates have failed to change people’s savings habits, NS&I said.

The proportion of people saving regularly has increased slightly since 2005, up to 47% from 45%.

Since NS&I’s savings survey started in 2004, the average amount saved by Brits has increased every year.

“The data shows a year-on-year growth despite recent economic conditions, including well documented pay freezes,” the NS&I said.

However, the motivation for saving has now changed, with most people setting aside money for an emergency, rather than for retirement, a holiday, or special occasions.

Since the recession, the number of people paying off debts has also increased.

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