Saving levels 'hit highs'

23 January 2006
Last year was the biggest year for savings in eight years, according to new figures.

Britons saved £1.138 million last year, research from the Building Societies Association (BSA) show.

While this might be good news for debt charities, the effect might not be so positive for retailers and credit card companies.

"Clearly people trust building societies to offer good value and a safe home for their savings," said Adrian Coles, director general of the BSA.

"Over-indebtedness grabs the headlines, but these figures show that many people are sensibly looking after their future."

The figures also revealed that the amount of loans from building societies fell as savings increased.

Last month, building societies lent £500 million less than they had done 12 months previously.

However, approvals saw an increase of £600 million on the month.

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