Super saving Brits stash away £49 billion for cars, cruises and cosmetic surgery

01 October 2007
Britain is a nation of super savers with almost £49 billion set aside in savings according to the latest research from Abbey Savings.

Despite the terrible summer, 14 million Brits have managed to save up some £49 billion, amassing an average of £3,500 each.

Of the money saved, the majority intend to make a single, expensive purchase with a 9.8 million majority (34 percent) planning to splash out on a luxury holiday. The next most popular spend with 4.2 million (15 percent) is a new car followed closely by 3.9 million of savers (15 percent) want to use the money on home improvements.

While 755,000 (three percent) are saving up for their wedding day, a further 225,000 (two percent) would love to go under the knife and splash out on cosmetic surgery.

It comes as no surprise that the older savers have amassed the most money with the over 65s stashing away an average of £5,740 compared to the 18-24 year old age band who managed a more modest average of £963.

However despite this, younger people are more likely to be saving up for an item with 45 percent of them currently doing so - compared to 22 percent of over 55s.

In addition, it appears that men are more likely to save then women with 40 percent saving up almost £1,000 more than their female counterparts with an average of £3,890 compared to the female average of £2,924.

Commenting on the figures, Reza Attar-Zadeh, Abbey's Head of Savings said:

"It’s heartening to see that so many Britons are prepared to save up for big ticket purchases, especially as so many young people appear to be doing so. Nothing beats that feeling of being able to splash out on something you have saved long and hard to own."

Find out more about savings accounts