New research shows young people are showing the way when it comes to saving.
Birmingham Midshires revealed that single people younger than 30 are saving up to double as much as people older than 50.
The government's savings initiative seems to have an impact on savings, as the amount Britons have saved in the last six months have grown by 14 per cent.
Richard Brown, head of savings products at Birmingham Midshires comments: "For too long the industry has been focusing on bemoaning the apparent scale of the nation's savings gap and this has created the impression that debt ridden Brits simply don't save."
He said that their 'Saving Britain' study proved the opposite, which is that Britons do save, and regularly, to boot.
He added that it is more about a question of attitude than affordability, saying: "Irrespective of people's salary level, most Brits are now regularly saving between 15-20 per cent of their monthly take home pay."
The government hopes to close the savings gap in order to a help prevent a serious pension deficit that seems inevitable.
Young people save more than older do, survey shows
Young people save more than older do, survey shows
Tue, 07 Jun 2005
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