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December 9, 2008

Britons get serious about saving

by Gill Montia

Story link: Britons get serious about saving

Nationwide has been researching the savings habits of Britons and has discovered that the proportion of people savings regularly increased to 52% between October and November, up from 47% a month earlier.

The building society suggests that the rise reflects recent cuts in the Bank of England’s base rate, which have eased family budgets.

In addition, the number of respondents who said they think saving is very important rose to one-third, while the proportion of savers who believed they were stashing away the correct amount of cash increased from 25% to 31%, in November.

The results are surprising given that savings rates have been falling in response to base rate cuts and Nationwide’s director for savings, Matthew Carter, concludes that consumers seem to recognise the importance of putting money aside to weather the financial storm.

Meanwhile, Abbey has estimated that over £5.4 billion in cash is held in British homes.

According to the bank’s research, the average amount saved in the home has risen to £729 because of a lack of confidence in the banking system.


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