More money flowing into savings accounts

22 December 2005
More Brits are stashing more money away in savings accounts than two years ago, new figures have revealed.

Conscientious UK savers have put 25 per cent more money into building society savings accounts than in 2003 in a bid to avoid debt, according to the Building Societies Association.

In November last year people pumped £665 into savings accounts, rising by £102 million to £767 million this year - £150 million more than in 2003.

Adrian Coles, director general of the Building Societies Association, said: "Building society savings increased by 25 per cent between November 2003 and November 2005.

"This is perhaps evidence of the growing acceptance by people that they need to save, so they have something to fall back on in case hard times hit.

"Cash savings not only pay for unforeseen expenses such as the car breaking down or the roof springing a leak, but also form part of a balanced portfolio to ensure a comfortable retirement."

A recent survey by life assurance provider MoneyMood found almost 60 per cent of adults want to save money rather than spend this Christmas in a bid to avoid a New Year debt hangover.

To read more about Savings Accounts, click here.

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