NS&I Reports Savings Levels Drop This Winter
Released
on: March 12, 2010, 5:58 am
Author:
National Savings and Investments
Industry: Financial
NS&I's Savings latest survey has found that this winter, the
amount of money the population is saving has decreased to its lowest
level for over two years. On average, the British public is now setting
aside 6.25% of their monthly take-home income. This figure has fallen
consistently since this time last year (6.48%), and is at its lowest
level since summer 2007 (6.22%).
In pounds, average savings have fallen from £90.12 twelve months ago, winter
2008/09, to £81.94. In addition the average income has fallen to £1310, from £1384
last quarter and at its lowest level since Spring 2008 (£1306).
Examining savings attitudes across the country, savers in East Anglia and the West
Midlands recorded positive savings behaviour, managing to set aside more money as a
percentage of their income than other areas. East Anglian savers were highest at
7.77% (6.01% in winter 2008/09) with the West Midlands at 6.50% (5.89% in winter
2008/09). In Greater London the average amount saved per person fell below £100 for
the first time in almost two years. On average people in London are now saving£99.45 per month.
Tim Mack, Senior Savings Spokesman, NS&I said: "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."
Fewer people say they are regularly making regular savings money this quarter. Over the past five
years, this figure has fluctuated between 47% and 55%, but this winter it has fallen
to 44%, one of the lowest ever recorded levels*.
The amount of money regular savers set aside each month has fallen below £200 for
the first time in over a year to £195.08.
ENDS
Notes to editors:
The Savings Survey (Previously the Quarterly Savings Survey) was conducted by TNS,
amongst 3003 GB adults aged 16+ between 4 December 2009 and 7 February 2010.
* The lowest ever recorded figure for this savings index was 43% in winter 2006/07.
About NS&I
NS&I is one of the UK's largest financial providers with almost 27 million
customers and over £95 billion invested. It is best known for Premium Bonds, but
also offers Inflation-Beating savings accounts, Guaranteed Equity Bonds and
Children's Bonus Bonds in its range, as well as ISAs and Cash ISAs. All products offer 100% security,
because NS&I is backed by HM Treasury.
NS&I products are available over the telephone, internet, post and by standing
order. They are also available through a network of Post Office branches, and our
product range guide is available in over 300 WHSmith high street stores.
PR Contact:
Gill Stephens
National Savings and Investments
375 Kensington High Street
London
W14 8SD
020 7348 9449
ISDN for interviews: 020 7602 4522
www.nsandi.com
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