Big savers, big spenders

16 January 2007
Britons saved an impressive 97 per cent more in the final quarter of 2006 than in the previous quarter, Birmingham Midshires has revealed – but they went on to spend almost twice as much as they had saved over the three-month period.

Average savings at the end of 2006 rose from £413 in the previous quarter to £813, yet Britons then spent £1,552 each in the run-up to the Christmas period.

This seasonal splurge represented more than half of the total savings accumulated over 2006, since Britons managed to put aside on average £2,246 in sum.

"We would urge people to think carefully about a realistic amount they can set aside each month so they avoid regularly plundering their account," commented Birmingham Midshires' director of savings operations Jason Robinson.

He reserved praise for the 30 to 50 age group, however, who saved £1,335 over the final quarter of 2006, almost three times more than under-30s and over-50s.

Men, meanwhile, epitomised the save-and-spend trend by saving a substantial £885 to women's £743 average, but going on to spend almost three times as much as their female counterparts.

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