Nov 12 2008
The amount of money being invested in savings by UK consumers, potentially including those saving for children, fell during the last quarter.
This is according to research conducted by Birmingham Midshires, which suggested that saving deposits were down during three months ending in October.
However, consumers are also being more careful to avoid raiding their savings, it was also found.
Britons took an average of just £343 from their accounts in the three months ending in October this year.
This compares to the three-month period ending in July in which typical consumers took £434 from their savings.
"The latest ... findings reveal that Britons are taking a responsible attitude to saving in a difficult market climate," stated Tim Hague, director of savings and investments at Birmingham Midshires.
Meanwhile, figures produced recently by the Council of Mortgage Lenders suggested that nearly half of all first-time buyers under the age of 30 relied on the savings of their parents to help them secure a mortgage during the second quarter of this year.
