Brits saving more than a decade ago – Company Formations in England.
Brits are saving £16 more per month than they were ten years ago, according to research by National Savings & Investments (NS&I).
The NS&I Quarterly Savings Survey found that UK adults save an average of £98 a month, or 7.8 per cent of their income. This compares to £85 (6.4 per cent) five years ago and £82 (6.7 per cent) a decade ago.
However, the savings levels have not returned to the peak of 8.3 per cent in spring 2011 or the monetary figure of £104 in winter 2012.
The figures also reveal the impact of technology on managing money:
- 54 per cent manage their finances by visiting a bank or building society, compared to 75 per cent a decade ago
- 74 per cent manage their money online, compared to 29 per cent a decade ago
- Over the next five years, 68 per cent expect to manage their finances on PCs, 20 per cent on tablets and 19 per cent on smartphones.
Julian Hynd, director of retail at NS&I, said:
“The way customers use and access the internet is changing, and in turn, the way they manage their money is changing. Over the last ten years we saw a switch from customers banking at branches to going online.
“Over the next decade, we will see smartphone and tablets emerge as a key means for money management as customers look to take more control of their finances while on the move or at a time that is convenient to them.”