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Britons saving more money than at any time in last decade

 

People in Britain are managing to put more money into savings accounts than at any time in the past decade, according to National Savings and Investments (NS&I).

 

Excluding pension contributions, UK individuals in 2014/15 put an average of £113.77 each month – or 8.52% of their income – into bank accounts or savings vehicles such as ISAs. Both monetary and percentage figures are greater than at any time in the last ten years.

 

This is despite the very low interest rate which has meant that savings rates in some products have been as low as 0.01% per annum.

 

However, part of the explanation may be a recent surge in people over 65 buying the government's pensioner bonds, which offer more attractive rates of interest.

 

The figures were based on a survey of 2,431 adults, conducted in January and February 2015.

 

Julian Hynd, retail director at NS&I, said: ‘The latest results are encouraging, but we hope more people will be putting aside money into their rainy day savings, so they feel ready to deal with an emergency should one arise.’