Get older, save less

16 December 2005
Brits save less as they get older, a new survey has revealed.

National Savings & Investment (NS&I) says despite Brits savings a record amount in recent months, older age groups still find it more difficult to save.

At present, savers in the 16 to 34 age group save the highest amount every month, managing to stash away over 12 per cent of their income.

However, even though all age groups have managed to save more, those over 65 are experiencing, on average, a nine per cent gap between the amount of money they would like to save and the amount they actually manage to put away.

NS&I says one reason Brits may be saving more is because they fear plunging into debt.

Dax Harkins, senior savings strategist at NS&I, said: "It is extremely encouraging to see so many savings records being achieved.

This confirms autumn as a good time to get serious about saving and together with the fact that the majority of people intend to save more over the next 12 months, shows that messages about the savings gap are getting through.

"Both factors indicate that people have begun to return to a more responsible attitude towards saving, as they see around them the harsh consequences of unmanageable debt."

The average Briton manages to save around £170 a year, according to the survey.

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