UK Savers Put Away More Money

Abbey Savings, part of the Santander Group, has recently carried out a new research, the results of which revealed that an average British saver started to put away more money than earlier. Since the beginning of the year of 2009, this figure increased by 26%. The research showed that an average UK resident is now putting away an average of £206 each month, which is £43 more than in January this year. Roughly 65% of those questioned prefer instant access savings accounts (Isas); an average of £60 billion is expected to be banked this year (the figure has been calculated on the basis of an average saving rate). Abbey Savings director of the savings and investment department, Ms. Reza Attar-Zadeh, was pleased with the findings of the research. In her opinion, the current economic situation makes savings increasingly important and it is very encouraging that Brits have shown clear understanding of it by having increased the amount of their savings by more than 25%. The bad news, however, is the decreased number of savers across Great Britain. The research revealed that the total number of UK savers fell by as much as 6% since the beginning of the year of 2009. Savings research results also demonstrate that 4 out of 10 UK residents are not putting any money away at all, while 25% of those surveyed responded that they have cut the amount of saved money, which fact has been explained by Abbey Savings experts as a negative result of growing unemployment. Ms. Reza Attar-Zadeh, however, recommends that every UK resident considers saving at least a small amount of money because it can always make a difference as small deposits, which are made regularly, will soon add up and form a safety net. She suggests that people consider opening an individual savings account (Isa), which provides savers with a tax-free savings rate.

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