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January 28, 2010    

Brits saving double compared to January 2009

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by David Masters
Brits saving double compared to January 2009

Brits have more than doubled the amount they are saving in the past 12 months, according to research published this week.

An investigation by Birmingham Midshires found Brits are saving 136% more per quarter compared to this time last year.

In the three months to January 2010, the average UK consumer saved £776.

This is compared to the £329 saved on average during the three months to January 2009.

Savers also raided their savings less during the same period.

Although two in five (38%) Brits admitted to raiding their savings, the average amount raided has been cut back to £1,724 from an all time high of £2,191 in July 2009.

“It is encouraging to see that people are taking their savings seriously, putting away more and raiding less,” said John Biano, head of savings products at Birmingham Midshires.

The number of people saving for a rainy day has increased by 50% in the past year, from 18% to 27%.

“In the current economic climate people have revisited their savings habits with a marked increase in people saving for a rainy day,” Biano said.

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