The number of consumers making use of a
savings account has significantly increased form last year, new figures have suggested.
Recent research carried out by the Clydesdale and Yorkshire Banks examined the spending habits of 3,000 people across the UK.
The group's Recession Report revealed that people are now more likely to allocate funds to a
savings account this year, as opposed to leaving it in a
current account.
According to the findings, Britons are now saving around £1,095.48 annually, a seven per cent increase from £1,021.20 in 2009.
Furthermore, the report indicated that total consumer spending in the UK dropped by around eight per cent when compared to the same period last year, as well as a drop in the number of people making
credit card purchases.
Recent figures revealed that many parents are making more use of
savings accounts to ensure their children are financially secure in the wake of the downturn.
According to a Scottish Widows Savings and
Investments report, some 68 per cent of parents with children under 16 said the recession has changed the way they think about their financial role as a parent.
