Abbey finds Brits boosted savings accounts in 2009 Go compare with our comparison table

Abbey finds Brits boosted savings accounts in 2009

15 December 2009 / by Andy Davies

Abbey Savings has revealed that the average Brit is currently saving £198 each month, which represents an increase of 21 per cent since the start of the year.

In addition, 28 per cent of Brits have said they are planning to put away more money next year than they have this year.

It appears men save more than women, putting aside an average £220 each month in 2009 – an increase of £24 on the previous year.

However, there has also been a significant increase in the amount of money saved by the average woman this year, rising from £131 per month in 2008 to more than £176 in 2009.

According to the research, an instant access savings account appears to be the most popular way for people to save money, with 62 per cent of Brits depositing money into these types of accounts.

Meanwhile, 44 per cent of Brits currently hold a cash ISA while a fifth of respondents said they use a regular savings account.

But, despite the average saver increasing the amount that put aside each month, Abbey claims that 39 per cent of people are currently not saving anything, while a fifth of people admitted to having no savings whatsoever.

Commenting, Reza Attar-Zadeh, director of Abbey savings accounts and investments at said: "It's encouraging to see that the nation's saving habits have picked up over the past 12 months, despite the fact that people have been faced with such a challenging economic climate, but it's still concerning that a large number of people still have no savings at all.

"Whether savers decide to put their money aside for the long term, for a specific purpose such as a Christmas or a holiday, or for emergencies, the most important thing is to work out a plan of action that works for them – then choose the right accounts to suit their needs."

© Fair Investment Company Ltd