Savings hit record highs

30 June 2009 / by Rebecca Sargent
Savings hit new highs this Spring as Brits strive to put some money away during the recession, the latest Savings Survey from NS&I has revealed.

According to the survey, Brits are setting aside £92.41 in savings each month, an increase from the £90.12 put away during the winter.

And, those who regularly save are putting away the largest amount since the Savings Survey began four and a half years ago.

Commenting, Dax Harkins, senior savings strategist at NS&I said: "Many of us are cutting back on unnecessary spending and instead are putting a priority on saving, as saving for an emergency continues to be the number one reason for putting money aside."

Meanwhile, the survey also revealed that people are setting themselves the highest savings targets since the survey began, wanting to save £219.11 in an ideal world, up from £210.26 last quarter and £195.67 this timer last year.

Mr Harkins added: "Our survey shows people are setting themselves their highest ever savings targets. However, as we've seen previously we are still falling a long way short of our aspirations."

NS&I suggests that one way to tackle savings is to identify clear goals – according to the survey, 27 per cent of current savers are saving for something specific.

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