People across the UK are saving more of their income each month than last year, with the average level of monthly savings per person up by 20 per cent, figures from NS&I revealed.
The UK’s savings outlook is more positive than spring last year, with a study carried out by TNS among 2,427 British adults showing a 2 per cent increase in the proportion of people who feel they are more likely to save over the next three months.
The number of people less likely to save has declined from 22 per cent last spring to 18 per cent this year.
Savings levels across the country have been rising since summer 2013, with Britons now setting aside £105.43 per month, or 8.21 per cent of their monthly income.
More people said they have enough money in savings to cope with an emergency compared to this time last year, with confidence highest among those aged 55 or over who have a higher value in savings.
Higher value savings are up on last year, with 20 per cent saving between £10,000-£49,999 in spring 2014 compared to 16 per cent the same time last year.
Julian Hynd, retail director at NS&I, said: “We are seeing more positive signs and a better outlook on the national saving picture since last spring, when saving levels were among the lowest in three years.
“Even with the pressure on household budgets, Britons are putting away more of their income each month, with the average increasing from £87.81 to £105.43. The fact that more people say they have enough savings to cope with the unexpected is very good news.”
Split by gender, 21 per cent of male savers said they are likely to put money away in the three months ahead, against 16 per cent of women, while in terms of age, of those who are more likely to save over the next three months, 59 per cent are aged 16-34.
Mr Hynd said: “It is particularly encouraging that those in the younger age group are starting to feel more confident about their immediate saving prospects.”
