Aug 10 2007
More British consumers put money aside as savings during the past three months than was the case during the same period of last year, according to recent research.
Data from Birmingham Midshires shows that the proportion of Britons that now have savings assets has risen from 62 per cent during May, June and July in 2006 to around 67 per cent in the equivalent period this year.
And the temptation to start saving, which could help parents find funds to give their children a solid financial future, is believed to have been prompted by five rises in the base rate of interest in the past 12 months.
Jason Robinson, director of savings operations for Birmingham Midshires, said: "It's easier said than done but it's recommended that people have three months' salary put aside in case of financial emergencies – this equates to £5,899 for those on an average income."
The figures compiled by Birmingham Midshires show that British men have added almost a third more to their savings than their female counterparts over the past three months.
Data released by the Tax Incentivised Savings Association last month showed that the level of contributions to child trust funds in the UK have been increasing in recent months.
