In the latest survey from National Savings and Investments (NS&I) it is reported that we are saving more as a nation, although still not as much as we did in the winter of 2011/12.
We are now saving 7.17% of our disposable income each month or £90 in real terms. This is an increase from the 7.08% recorded in the previous quarter.
It is interesting to note that the 25-34 year olds lead the way by saving significantly more than the average, at £103 a month or 8%, which is itself an increase from the previously reported 7.24% for this group. Also, women appear more thrifty than men in this respect, with women saving 7.65% of income against the men’s average of only 6.82%.
One of the factors affecting these results is that over 50% of women appear to set savings goals on a regular basis and feel rewarded when these are met. Men are less likely to use this strategy, as only 41% reported doing so.
Other statistics emerging from the report are that the Scots save 7.35% or £95 a month and the Welsh 7.7% or £87 in real terms, due to lower average wages in this region.
The NS&I Retail Customer Director, John Prout, was quoted as saying: “It is encouraging to see this improvement in over recent months, and it’s particularly good to see such motivation from younger people. Setting goals is an effective way to get into a regular savings habit. Not only do they encourage people to save, they provide a real sense of achievement once a goal has been reached.”
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