The total amount of savings in the UK has grown to its highest level this century, according to new research.
UK consumers saved more than £38.6 million between April and June 2006, IFA Promotion's savings brake revealed.
However, the company warns that 48 pence is borrowed for every pound placed into savings accounts by UK consumers.
David Elms, chief executive of IFA Promotion, commented: "This new-fangled allegiance to saving is all well and good, but only if we show equal commitment to controlling our debts
"People are beginning to take heed of repeated calls to start saving but seem to be eliminating spending and borrowing behaviour from their budgetary considerations."
Mr Elms added that although higher levels of savings is a positive trend, this will be negated if borrowing continues at the same level.
In the period of January to March 2006, for every pound saved UK consumers were borrowing 16 pence, which the expert claims shows the "disappointing" nature of this month's results.
Recent research from Birmingham Midshires indicates that UK residents have an average of £7,548 in savings accounts.
UK savings hit new records, study shows
UK savings hit new records, study shows
Thu, 21 Sep 2006
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