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More Britons saving
07 February 2008
More Britons are putting money aside now compared to a year ago, according to new research.
A study carried out for Birmingham Midshires revealed that the proportion of Britons who made deposits into savings accounts, ISAs or other savings vehicles has risen by nearly three per cent over the past year.
The research also showed that, while more Brits may be saving, the amount they are deciding to put aside has remained relatively static.
Although the term credit crunch was not yet a popular phrase 12 months ago, the financial provider has noted that the downturn in the economic climate of the UK has been behind the growing number of savers.
"We are delighted to see that people are getting into the savings habit and are maintaining the amount they set aside each month," said Jason Robinson, director of savings operations at Birmingham Midshires.
Graham Neltey of long term savings company Skandia UK agreed, and pointed out that investors had also sought greater security and less risk.
He said: "Market volatility has naturally resulted in a reduced appetite for risk for many investors and advisers using our asset allocation tools are building lower risk portfolios where the risk profiler indicates that is appropriate."
