Consumers 'taking heed' of savings message
30/08/2006
Britons are heeding financial advice and starting to boost their savings, according to new research by Birmingham Midshires.
The financial provider suggests that UK consumers have an average of £7,548 in liquid savings, which is enough for the average Briton to survive for 167 'rainy' days.
Birmingham Midshires' Saving Britain campaign found that the country, on average, is saving twice the recommended amount of money.
There is also a difference in savings habits between the sexes, with men having an average of 10,912 in their savings accounts, while women have an average of £4,443 put aside.
Jason Robinson, director of savings operations for Birmingham Midshires, said: "For a long time we've been vocal in recommending that Britons have at least three months salary in savings to cover those unexpected costs that lurk around the corner.
"It is encouraging to see that we are taking heed of this message and are actually saving double this amount.
"To see this grow even further, it is very important to find the best rate of return on their hard earned savings."
Research from Birmingham Midshires released earlier this month suggests that over-50s were able to save 33 per cent more during the summer months than they did at the beginning of the year, setting a financial example to the younger generation.
The financial provider suggests that UK consumers have an average of £7,548 in liquid savings, which is enough for the average Briton to survive for 167 'rainy' days.
Birmingham Midshires' Saving Britain campaign found that the country, on average, is saving twice the recommended amount of money.
There is also a difference in savings habits between the sexes, with men having an average of 10,912 in their savings accounts, while women have an average of £4,443 put aside.
Jason Robinson, director of savings operations for Birmingham Midshires, said: "For a long time we've been vocal in recommending that Britons have at least three months salary in savings to cover those unexpected costs that lurk around the corner.
"It is encouraging to see that we are taking heed of this message and are actually saving double this amount.
"To see this grow even further, it is very important to find the best rate of return on their hard earned savings."
Research from Birmingham Midshires released earlier this month suggests that over-50s were able to save 33 per cent more during the summer months than they did at the beginning of the year, setting a financial example to the younger generation.
