Last month Britons were saving money and making investments rather than adding to their debt, new data shows.
A record level of investment was reached in the first month of 2006, the Building Societies Association (BSA) says.
The investment total of £212 million recorded in January is the highest level in five years, the BSA claims. The same period in 2005 saw withdrawals of £299 million being made.
Traditionally, the start of a new year is a weak period for investment, as many people attempt repaying their Christmas debt, the BSA states.
However, Adrian Coles, director general of the BSA, notes a "mood change" at the beginning of this year, amid warnings about higher levels of indebtedness across the country and an imminent pensions crisis.
He says: "The housing market has calmed down, as has most people's appetite for taking on more debt.
"People have finally decided they need to save more for the future, even if they don't use pension schemes to put money by."
The BSA revealed that a total of £51 million was invested in individual savings accounts, which accounts for an increase of almost a third since January 2005.
Saving money beats debt, survey shows
Saving money beats debt, survey shows
Wed, 22 Feb 2006
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