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Media centre /
Press releaseA YEAR OF SAVING: A REVIEW OF GREAT BRITAIN’S SAVINGS HIGHS AND LOWS27 March 2009Britons have saved an average of £86.35 each month over the last year, ending on a high of £90.12 during the winter months[1] ending February 2009, according to the latest Savings Survey from NS&I. NS&I’s monthly research, interviewing more than 12,000 people over the 12 month period, also revealed that regular savers are becoming more committed to setting money aside. The amount saved by those who put money aside each month was more during the winter months than the full year 2008 average (£201.55 in winter 2008/09 compared to £193.34), and more than any other quarterly average since NS&I’s Savings Survey began four and a half years ago. In addition, despite the current economic climate, the number of people who save money regularly each month remained constant throughout 2008 at almost half of the population (47%). Dax Harkins, Senior Savings Strategist, NS&I said: “During 2008 and into 2009, the main reason the population was saving was to help them cope in case of an unexpected emergency (57%). Saving for a house deposit, mortgage or home improvements (39%) and saving for a holiday (46%) were also popular savings goals. It is clear that people are aware of the need to save more in these uncertain times and it is encouraging that, despite additional pressures on incomes, the average value of people’s total savings was £17,443.” While the Savings Survey revealed an encouraging snapshot of savings behaviour in Britain, there are some findings that are less positive. 6% of the population admitted to not setting money aside and 13% said they had no money in savings whatsoever. Not setting a budget can lead to overspending and the chance of potentially falling into debt. Given the current economic climate it is important that people put healthy savings practices in place to ensure they have enough ‘rainy day’ money set aside. Other results suggest that people should take the opportunity of the new financial year to set a personal budget to give themselves more of a ‘security cushion’. Over half (54%) of the British population said their outgoings prevented them from saving more, but 32% of people said they spent more than they would ideally like every month. Nearly three-quarters (73%) of savers said they did not have a savings goal and 16% said they were unsure how much they should ideally be spending on a monthly basis. Looking to the future, 40% of people said they thought they would be less likely to save in the next three months and a similar figure (38%) said they were less likely to save in the coming year. Regional analysis 2008/09 figures
ENDS Notes to editors You and your money - www.youandyourmoney.info - is a website launched by NS&I as part of an ongoing drive to improve the public’s understanding of personal finance. NS&I’s Savings Survey For a copy of NS&I’s Savings Survey, case studies or further information on the statistics supplied in this release please contact the NS&I media team. Previous copies of the survey are available from http://www.nsandi.com/press-room/savingsurvey/index.jsp. Selected regional data is also available on request. The telephone survey, was carried out by TNS among 12,116 GB adults aged 16 and above between March 2008 and February 2009. Dax Harkins and other senior NS&I spokespeople are available for interview and high-resolution photographs can be supplied. Contact the media team to arrange an interview or request photographs by email. About NS&I NS&I is one of the UK’s largest financial providers with 27 million customers and over £94 billion invested. It is best known for Premium Bonds, but also offers Inflation-Beating Savings, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury. NS&I products are available over the telephone, internet, post and by standing order. They are also available through a network of Post Office® branches. Customers can also pick up brochures for our Premium Bonds, Inflation-Beating Savings and Income Bonds at retailer WHSmith in 400 of its High Street stores and 155 of its travel stores.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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