Savers are saving more, but many are not saving anything

Savers are putting more into their savings accounts, however a rising number of Britons are not saving anything.

Those who are saving money for a rainy day are putting 26% more each month, on average, into their savings accounts, according to research from Abbey Savings.

Savers are now putting away £206 per month on average, compared to £163 at the beginning of the year.

40 percent of Britons are not saving anything, however, and a significant number of people (26%) who do save, are saving less each month now.

Rising unemployment is said to be reducing the ability of people to save.  Latest figures from the Office for National Statistics show that only 72.5% of the workforce is currently employed.

That those who can save, are saving more is encouraging, as Reza Attar-Zadeh, Director of Savings & Investments, comments:  “At a time when it’s never been more important to put money away for a rainy day, it’s encouraging that the amount being set aside by savers each month has risen by more than a quarter.”

“And it’s not too late for those Britons who haven’t yet kick started their savings habit to make a start – putting aside even a small amount each month will quickly add up to help provide them with a safety net in today’s difficult economic climate.”