Brits increase savings 39 fold
January 30, 2008 by admin
Filed under News, News-Banking
British consumers have increased the amount they save by 39-fold since the early 1960s and by 31 per cent since 2000, according to new research. 
Findings from the National Savings and Investments’ (NS&S’) Century of Saving report predicted that the savings ratio will rise in the years ahead.
However, it could be at least fifty years before the majority of Brits become regular savers.
The research also showed that gross savings have risen significantly from just £1.1billion in 1957 to £43.9 billion in 2007.
Dax Harkins, NS& I’s senior savings strategist, said: “Advances in technology, over the last half century such as telephone and internet banking, have made it easier for savers.”
He added that future developments such as Apple’s iPhone will play a part in boosting the future savings ratio by making new products possible and providing new ways from which to access them.
According to research from the Lincoln Financial Group, more than 1.8 consumers are risking their retirement savings on the stock market.
