People starting to "take heed" of savings call

David Elms, the chief executive of IFA Promotion (IFAP), has said that members of the public are beginning to act on repeated calls from the industry.

Mr Elms' comments follow research from IFAP that shows savings, such as child trust funds, individual savings accounts and child savings plans, have increased to the highest level "this century".

The body's figures show that UK consumers put aside £38.6 million between April and June.

However, the chief executive did state that consumers are still borrowing too much.

"The simple fact is that if we don't stop borrowing money, the positive effects of saving will be negated."

IFAP, which seeks to promote the use of independent financial advisors and has been operating for 17 years, states that for every pound a UK consumer saves, they borrow 48p.

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