UK saving 'returns to pre-recession levels'

Thursday, 12 August 2010 12:00

The proportion of monthly income being set aside by UK savers has hit a two-year high, returning it to levels last seen prior to the economic downturn.

New figures from NS&I show that between March and May, the typical Briton squirreled away 6.9 per cent of their take-home pay.

This equated to around £85.21 per person, up from £81.94 in the previous quarter.

NS&I noted that 50 per cent of the adult population were committed to a regular savings routine, the first time this figure has been achieved since the end of 2007.

However, one in three said they were not convinced that they have enough set aside to get them through a financial emergency.

Tim Mack of NS&I said the only way to achieve peace of mind is to continue with good saving habits.

"It is encouraging news that many of us are managing to put a few more pounds away each month," he commented.

Elsewhere, moneysupermarket.com recently claimed that Britons are collectively missing out on up to £9.4 billion a year because they do not regularly check the interest rate on their savings and switch to a better deal.

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