Jul 18 2006
Brits are increasingly happy to save up for their – and their children's – futures, according to the latest figures from the Halifax.
In the first three months of this year we saved six per cent of our earnings, the data showed – and this is the highest figure since 2001.
There is still some way to go before we reach the high of 14.1 per cent reached in 1979, but this is at least an indication that we are putting the futures of ourselves and our families increasingly in the forefront of our minds.
"The good news is that household savings are on a steady trend upwards," explained Halifax head of savings Peter Jackson.
"The increase in the savings ratio in part reflects the growth in regular savings products which have become so popular with savers over the past 18 months. These products reward savers with very high rates of interest in return for saving on a regular monthly basis.
"Longer term, the UK needs higher levels of savings to fund the retirement plans of an ageing population. Recent increases in savings, although relatively small, are a step in the right direction."
A total of £12.9 billion was banked by Brits in the first quarter of this year.
