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Britain’s saving increases over 10 years

Britain’s saving increases over 10 years

Britons are adding over 50% a month more to their savings than they were 10 years ago, according to a report by National Savings and Investments…

A survey - which was conducted among 2,424 people over the age of 16 - shows that on average the nation is saving £104.56 a month, compared to £68.85 in the spring of 2005.

The amount has however fallen 0.83% since this time last year.

While the North-East of England has generally always saved below the national average, this region has experienced the largest increase across the country – a rise of over 124%, from saving £40.88 a month in 2005 to £91.72 this spring.

Residents in the South-West have seen the smallest growth, with their average saving rising just £10.41 over the last 10 years, bringing monthly savings to £85.57 a month.

Julian Hynd, Retail Director at NS&I, said: “It’s encouraging to see that people all across the country are able to budget more and more of their monthly income towards their savings.”

“We want to encourage a healthy savings culture where people do think about the unexpected.”

Woman have closed the savings gap, increasing their monthly saving by 62% to £91.77 whereas men’s savings have only increased by 44%; despite this men are still saving, on average, more than £25 a month than women.

While there has been an improvement in saving across the country, one in five people between the ages of 16 and 34 admitted they do not have any savings.

The figure improves among people over 65 with just under one in 10 saying they have saved nothing.

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