Birmingham Midshires reveals young Brits saving most

08 June 2005
Far from fulfilling the classic image of spendthrift, carefree youth, young British people are saving twice as much as their parents, according to research from Birmingham Midshires.

The savings provider found that more than half the British population (53 per cent) saved some money between January and March this year, with single people under 30 putting away twice that saved by the over 50s.

Birmingham Midshires' Saving Britain campaign revealed that young singletons saved an average of £792 - twice the £393 put aside by those in their 50s.

Across the ages, the prospect for savings in Britain looks positive according to the research - the amount British people are saving has risen by 14 per cent over the last six months, as workers save between 15 and 20 per cent of their take home pay.

"For too long the industry has been focusing on bemoaning the apparent scale of the nation's savings gap and this has created the impression that debt ridden Brits simply don't save," Richard Brown, head of savings products at Birmingham Midshires, stated.

"It is more a question of attitude than affordability. Irrespective of people's salary level, most Brits are now regularly saving between 15 - 20 per cent of their monthly take home pay."

The top priority for British savers is DIY and home improvements, the research found, with an average of £71 put aside for this purpose in the last three months.

Saving for a romantic night out with a loved one receives the least financial input, with just 65 pence saved for this purpose in the same period.

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