The average saver has increased the amount they put away each month by over a quarter (26%) since the beginning of 2009 but the number of Britons who aren’t saving anything has also risen, new ‘Snapshot’ research from Abbey Savings has revealed.
Savers are now putting away £206 each month on average, compared with £163 at the beginning of the year, meaning that British savers are on course to bank around £59.5 billion this year based on average savings rates2.
However, the effects of the recession are still being felt by many, with the research showing a 6% fall in the overall number of people saving since the start of the year. Four out of 10 Britons still save nothing at all, while 26% of those who are saving claim to be saving less now than they were last year – an increase of 6% since May 2009, perhaps driven by rising unemployment.
Abbey’s Snapshot also found:
- 65% of savers have an instant access savings account
- 42% currently hold a Cash ISA
- A fifth have a regular savings account
- 14% hold a Stocks and Shares ISA
- Nearly one in 10 (9%) have savings bonds
Reza Attar-Zadeh, Director of Savings & Investments, comments: "At a time when it’s never been more important to put money away for a rainy day, it’s encouraging that the amount being set aside by savers each month has risen by more than a quarter. And it’s not too late for those Britons who haven’t yet kick started their savings habit to make a start – putting aside even a small amount each month will quickly add up to help provide them with a safety net in today’s difficult economic climate. Opening a cash ISA offers savers one way of achieving this through a tax-free rate of interest to
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