Savings levels fall to lowest in 2 years Go compare with our comparison table

Savings levels fall to lowest in 2 years

04 March 2010 / by Andy Davies

The amount of money saved by Brits this winter has fallen to it lowest level for two years, a survey by National Savings & Investments (NS&I) has revealed.

On average, Brits are now saving around £82 per month – which equates to 6.25 per cent of their income, its lowest level since summer 2007 when the proportion of income put into savings stood at 6.22 per cent.

This also represents a marked decrease since last year when an estimated £90 was put aside by savers – the equivalent of 6.48 per cent of the average income.

In addition, NS&I has found that the proportion of Brits who are regular savers has also fallen by three per cent in past 12 months to 44 per cent – one of the lowest ever recorded levels, while the average amount saved has also taken a hit. Last winter, just over £201 was deposited by regular savers compared to £195 this winter.

However, the situation has not been helped by the fact that the average monthly income has fallen from £1390 last winter to £1310 this year.

Commenting, Tim Mack, senior savings spokesman at NS&I, has urged people to review their finances.

"With the new financial year approaching, now is a good time for people to take a closer look at their finances and set themselves savings goals for the year ahead," he said.

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