Too few people are using their savings accounts, according to new figures from the NS&I.
Only half of Britons are actually putting money into savings and the average amount they are putting aside has fallen in the past year. Average savings are now just seven per cent of income, or £82.92. This is down from an average of £88.65 last year.
The reason for this fall in savings is down to the fact that wages have fallen over the past year, by an average of £145, to £1,239 a month. This is down from £1,384 last year and is compounded by the fact that prices are rising.
The Consumer Price Index rose to 3.3 per cent in November, up from 3.2 per cent the month before. In addition, the Retail Price Index also rose to 4.7 per cent in November.
Despite the doom and gloom, consumers seem to think they will be in a better position to make use of their savings accounts in 2011. Some 29 per cent of all those that save claim they intend to put more money aside next year.
