Latest Debt News
NS&I sees rise in savings
14/12/2005 17:13:00
The latest figures from the NS&I Quarterly Savings Survey suggest that UK consumers are starting to take heed of personal debt levels and are increasing their savings.
In the last three months, Brits have saved more money and the greatest percentage of their income since the survey began in September 2004.
The average monthly saving made was £174.43, which equates to 7.16 per cent of income, and occurs with a simultaneous drop in high street spending.
Dax Harkins, senior savings strategist at NS&I, said: "It is extremely encouraging to see so many savings records being achieved… together with the fact that the majority of people intend to save more over the next 12 months, shows that messages about the savings gap are getting through.
"Both factors indicate that people have begun to return to a more responsible attitude towards saving, as they see around them the harsh consequences of unmanageable debt."
Mr Harkins did sound a note of caution though, expressing his concern that the number of regular savers had not changed.
"Some of this may stem from the fact that record numbers of people are struggling with bankruptcy and personal debts," he explained.
© Adfero Ltd