UK residents have an average of £7,548 in savings, according to new research.
This amount is higher than that which experts suggest should be stored in savings accounts for unforeseen financial difficulties, three months salary, equating to £4,128, the Birmingham Midshires report states.
Jason Robinson, director of savings operations for Birmingham Midshires, commented: "For a long time we’ve been vocal in recommending that Britons have at least three months salary in savings to cover those unexpected costs that lurk around the corner.
"It is encouraging to see that we are taking heed of this message and are actually saving double this amount."
Mr Robinson added that the growth in savings is important for Britons to see the best return on their money.
The study also found that men have the most savings, with an average of £10,912 in their savings accounts, while women have an average of £4,443.
However, recent research from AA Savings showed that women are more likely to dip into their savings accounts to pay for car purchase, whereas men may rely on personal loans.
Britons keep savings for trouble ahead, study shows
Britons keep savings for trouble ahead, study shows
Thu, 31 Aug 2006
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