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Brits are becoming more financially efficient

New figures show that an increasing number of Brits are now saving as much as possible, as well as using existing savings to pay off their debts.

In a recent survey to British consumers, AA Financial Services asked 2,000 people about their online saving habits and found that the majority of them (67%) say they try to save ‘what they can, when they can’. This proportion is two points higher than the 65% of people registered in 2010.

However, the number of people stating that they ‘don’t have much to save’ rose by 3% in comparison to the year before, accounting for 50% of Brits now.

UK savers, however, do not appear to be sufficiently aware of the benefits of saving. A third of respondents (33%) who have savings admit they have no idea what interest rate they are earning, while a quarter stated that they never even check how much their savings earn.

“At a time when there is less money but with small improvements in interest rates, I would expect more people to be taking an interest in making their money work for them,” said Mark Huggins, Director of AA Financial Services.

Saving characteristics

Further data from the study revealed that most people (60%) still keep their savings in a ‘high street’ bank. In addition, Brits are becoming more online-savvy, with almost a quarter stating they operate a savings account from a computer now in comparison to only 13% last year.

“Our findings suggest that while people are worried about taking on debt and are trying to reduce it, they are also still doing their best to maintain a savings habit. People are also increasingly confident about using online savings accounts,” concluded Huggins.

Saving is a good way of having extra money for a rainy day. Making cutbacks and budgeting is the most effective way to manage your expenses. Unfortunately, however, budgeting is not always enough.

Unsecured loans are available to help keep on top of your finances. As with any form of borrowing, it is important to ensure that you are able to meet repayments and fully understand the terms and conditions attached to your loan.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074