Monday, 17 December 2012 10:05
Savings rise for second consecutive quarter but remain at low levels
NS&I has announced savings levels have risen for the second successive quarter with Britons now saving 7.3 per cent of their income per month.
This amounts to £90 in real terms, up from 7.1 per cent in the previous quarter.
However, 28 per cent of people believed they would not be able to sustain these levels in the next three months and 25 per cent said they did not save anything in an average month.
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Although men saved 7.1 per cent per month compared to 7.7 per cent saved by women, this accounted for more in real terms as men usually had higher wages. Men saved £102.54 per month on average compared to £78.49 by women.
Savers in the 35-44 age group saw the highest rise, up from 5.6 per cent in the third quarter of 2012 to 7.2 per cent this quarter.
Over half of savers said they had enough money to cope in an emergency.
John Prout, NS&I retail customer director, said: "It is encouraging to see that savings levels have increased for the second quarter in succession, however we know that these are at low levels and the need for people to review every aspect of their spending to see if they can build up more of a financial cushion is still ever pressing."
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This amounts to £90 in real terms, up from 7.1 per cent in the previous quarter.
However, 28 per cent of people believed they would not be able to sustain these levels in the next three months and 25 per cent said they did not save anything in an average month.
{desktop}{/desktop}{mobile}{/mobile}
Although men saved 7.1 per cent per month compared to 7.7 per cent saved by women, this accounted for more in real terms as men usually had higher wages. Men saved £102.54 per month on average compared to £78.49 by women.
Savers in the 35-44 age group saw the highest rise, up from 5.6 per cent in the third quarter of 2012 to 7.2 per cent this quarter.
Over half of savers said they had enough money to cope in an emergency.
John Prout, NS&I retail customer director, said: "It is encouraging to see that savings levels have increased for the second quarter in succession, however we know that these are at low levels and the need for people to review every aspect of their spending to see if they can build up more of a financial cushion is still ever pressing."
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