The level of savings accrued by UK consumers has increased for the first time in a year, with Britons now saving 7.66% of their income on average.
NS&I’s Savings Survey has revealed that savings levels in the UK have risen for the first time since spring last year. Brits are not only more conscious about the need to save for a rainy day, but also are putting away the highest amount since spring 2011– an average of £95 per month.
Further findings from the research reveal that last February, British workers saved an average of 7.66% of their income. This is a slight increase from the average 7.31% saved only three months before.
The report also points that last year was a tough one for saving money, with the average amount of income saved dropping one percentage point from 8.31% in the period going from spring to autumn 2011. Further figures show that the average amount saved by Brits at end of last year stood at £88.
Women are bigger savers
In comparison to men, figures reveal that women are better savers – with average figures respectively accounting for 8.38% and 7.54% of their incomes saved in autumn 2011.
The top techniques that female savers use include using savings targets, with 30% of women doing this in comparison to 26% of men. In fact, the research states that people who use savings goals save an average of 44% more than those who do not.
Commenting on this, John Prout, NS&I Retail Director, said: “Setting an objective is a great way to keep focus, even if you only save a small amount towards it each month. Many of us could be doing a lot more to manage our money better and it’s never too late to look again at your finances. Why not use the new financial year in April to act as motivation to improve your savings?”
Keeping a certain amount of money aside on regular basis is a good way to be financially covered in case of emergency. 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.