Savings in the UK are on a "steady trend upward", according to Peter Jackson, head of savings at Halifax..
Mr Jackson's comments follow the Halifax highlighting the fact that the UK's savings ratio is at the highest level for four years.
In addition, last week saw the bank reveal that household savings, when calculated in absolute terms, reached £12.9 billion during the first quarter of 2006 – the highest figure since the fourth quarter in 1997.
Commenting on the figures, which are taken from details provided by the Office of National Statistics (ONS), Mr Jackson said: "The increase in the savings ratio in part reflects the growth in regular savings products which have become so popular with savers over the past 18 months.
"These products reward savers with very high rates of interest in return for saving on a regular monthly basis."
Mr Jackson added that over the long-term, it is important that the UK sustain a high level of money saving in order to fund people's pension plans.
"Recent increases in savings, although relatively small, are a step in the right direction," he added.
Halifax is part of the Halifax Bank of Scotland Group (HBOS), which was formed on September 10th 2001. HBOS is the UK's largest mortgage and savings provider with assets worth £540 billion.
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