Britons are topping up their savings

5 October 2012

Savings levels are increasing in Britain as quarterly figures show we now save 7.17% of our incomes a month, an average of £90.

The average savings amount has risen 0.9% since the previous quarter, but they are still lower than winter 2011's figures, when savers put away an average of 7.66% of their monthly income.

Women, and savers in their late 20s and early 30s are saving the most in Britain, putting away up to 8% of their income a month, according to a study by National Savings and Investments (NS&I).

Meanwhile, setting savings goals is helping the young to set money aside, with 45% of 25 to 34-year-olds using them as motivation, compared to just 27% of all British savers.

Looking across the nation, savers in Scotland, Wales and East Anglia are all saving above the national average, according to the study.

But those in Greater London are saving the largest proportion of their income, at 8.24%.

"While there are good signs that savings may be on the way up, there is still a long way to go," says John Prout, retail customer director at NS&I.

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