News
Brits' pile on the saving pounds
Research from Birmingham Midshires’ Saving Britain campaign has revealed that Brits have almost doubled the amount they are saving on a quarterly basis compared to this time last year. The second quarterly rise in a row. In the three months to April 2010, Britons saved an average of £1,031, compared with £554 this time last year and £776 during the three months to January 2010.
Two in five British adults (39%) admit to raiding their savings during the same period although the average raiding amount has reduced to £1,499 from £1,724.
Commenting on the findings, John Bianco, Senior Manager, BM Savings said: 'It is reassuring to see that people have increased the amount they save for the second quarter in a row, as good saving habits are important to ensure you can plan ahead financially.”
Regional Raiding:
- Savers in London admit to having raided their savings accounts by an average of £2,171 in the last quarter. This compares to the lowest average savings raid of £1,004 in the East.
- Almost a quarter (22%) of respondents raided their savings to pay for emergency home or car repairs, while a sixth (15%) used their savings to pay for a holiday.
- Savers over 55 years admitted to raiding on average £2,224 in the last quarter with 15% of them using their savings to pay for a holiday or weekend break. This compared to 18 to 24 year olds raiding on average £446 in the same period with 32% of them using their savings to pay for entertainment.
Smart Savers:
- Savers in the South have set aside the most in the past three months (£1,493) compared to £704 for those in the Wales.
- The percentage of people saving for a rainy day has remained steady at 26%.
- Surprisingly, over a third (34%) of savers in Scotland do not know how much money they have saved in the last three months, suggesting they do not keep a track of their spending and savings habits.
- A third (33%) of 45-54 year olds are saving for a holiday, compared with 30% of 18 to 24-year-olds who are saving for a deposit on a house.
