The savings market in the UK is growing steadily, according to Sainsbury's Bank .
Peter Wood, head of savings at the supermarket bank, said that despite wider availability of credit , people are still saving money .
Denying that there had been a dramatic shift in the number of Britons saving money, Mr Wood commented that overall, the savings market has continued to grow "amazingly steadily" at an annual rate of seven or eight per cent.
And this has been the case "for a very long time, for many, many years", he said.
Sainsbury's Bank noted an increase in the amount of money deposited in between August 6th and 19th, totalling a rise of 42 per cent from the same period in July.
Increasing stock market volatility has had an effect on the savings market, according to the bank, as investors sell their shares and put their money into savings accounts .
Instability in the stock market is also likely to impact on the savings market during the rest of 2007, said Mr Wood, who predicted "it will grow a little bit more this year".
"The key point is that the underlying proportion of savers in the UK doesn't appear to have dramatically shifted; it continues to steadily grow," he concluded.
Savings market continues to grow, claims Sainsbury's Bank
Savings market continues to grow, claims Sainsbury's Bank
Thu, 23 Aug 2007
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