Britons are increasingly looking to keep money in savings accounts, new research has revealed.
The level of savings has risen in almost every month of 2006, as more UK residents are willing to put money aside for the future, a Legal & General study has indicated.
Over 23,000 UK adults took part in the MoneyMood Survey over the last 24 months, which aimed to determine the nation' attitude to savings.
Claire Stracey, Legal & General’s director of customer marketing, said that UK adults have been in "save mode" in 2006, as the "spend mood" has declined.
"Perhaps a few determining factors are inflation, a hike in fuel costs to heat our homes and thoughts of Christmas looming and the unexpected rise in interest rates by the Bank of England's Monetary Policy Committee to 4.75 per cent in August."
Ms Stracey added that if the Bank of England opts to raise the interest rates to five per cent, it could cause more consumers to make savings.
Milan Khatri, an expert at the Royal Institution of Chartered Surveyors, recently predicted that a November increase in the base rate is "firmly on the cards".
Savings habit on the up, study shows
Savings habit on the up, study shows
Wed, 11 Oct 2006
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