Savings Levels Among Brits On The Up

The amount of money being put away by Brits into savings has increased for the first time in a year, according to new research by National Savings and Investments (NS&I).
A survey by the state-owned investments organisation found that savers are putting aside £95 a month on average – up £7 from the end of last year and the highest figure since spring 2011.
It showed that by February 2012, Brits were saving an average of 7.66 per cent of their monthly income, with women setting aside more than men (8.38 per cent of income compared with 7.21 per cent).
NS&I retail director, John Prout, said the figures suggest that UK adults are moving away from the spending and borrowing culture and focusing more on saving for the future.
“While many people found saving a challenge last year, our data shows there has been an improvement in recent months,” he said.
“With saving reaching its highest levels since spring 2011, it appears that people are taking action and committing to setting more money aside for the future.”
“Our research shows that savers who set specific goals stand to reap the rewards. Setting an objective is a great way to keep focus, even if you only save a small amount towards it each month.