Average Consumer Has Less Money in the Bank
05/08/2008
Figures released today by HSBC show that UK consumers are keeping less money in their bank accounts.
Twelve months ago, the average Briton held an extra £1,000 in their bank account. That means the average UK consumer now has 5% less money in their current account than they did this time last year.
The results of the study are based on the account activity of HSBC's 8.2 million UK current account customers.
Joe Garner, head of HSBC's UK personal financial services told The Times newspaper: "People are really feeling the squeeze. There is definitely some strain there." Garner put the fall down to consumers needing more money to cover the rising costs of food, housing and fuel.
Mr Garner did also put forward the theory that some of the downturn could be a result of HSBC's customers moving money out of their current accounts into high interest savings accounts. A number of high profile savings deals have been made available in recent months, which could well have tempted people to move some of their disposable income away from their current accounts.
Twelve months ago, the average Briton held an extra £1,000 in their bank account. That means the average UK consumer now has 5% less money in their current account than they did this time last year.
The results of the study are based on the account activity of HSBC's 8.2 million UK current account customers.
Joe Garner, head of HSBC's UK personal financial services told The Times newspaper: "People are really feeling the squeeze. There is definitely some strain there." Garner put the fall down to consumers needing more money to cover the rising costs of food, housing and fuel.
Mr Garner did also put forward the theory that some of the downturn could be a result of HSBC's customers moving money out of their current accounts into high interest savings accounts. A number of high profile savings deals have been made available in recent months, which could well have tempted people to move some of their disposable income away from their current accounts.
