More people are putting a portion of their earnings aside and into a savings account, it has emerged.
However, research by Birmigham Midshires' Saving Britain report out today has found that although more people are saving this year compared to last, on average they are saving less money. This year, 67 per cent of the population are putting money into a savings account , up five per cent from 2006.
The average amount saved by consumers over the past three months is £910 compared to £1,376 over the same period last year.
Director of savings operations for Birmingham Midshires Jason Robinson comments: "It's easier said than done but it's recommended that people have three months’ salary put aside in case of financial emergencies - this equates to £5,899 for those on an average income."
Younger people aged 18 to 24 are saving the highest amounts of money, stashing £1,523 over three months while the over 55s are lagging behind by only saving £688.
With interest rates at 5.75 per cent and expected by many to continue to rise later this year, saving is being encouraged by financial service companies.
More people are saving, research finds
More people are saving, research finds
Fri, 10 Aug 2007
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