According to National Savings and Investment's Savings Survey, the level at which people are putting money into
savings accounts has fallen over the winter months.
The new figures show that savings levels have fallen to their lowest level in two years, with the average consumer putting away just 6.25 per cent of their monthly after-tax pay. The NS&I says this figure has “fallen consistently since this time last year,” when it stood at 6.48 per cent.
The average monthly saving in monetary terms has fallen to £81.94 in winter 2009/2010, compared with £90.12 per month during winter the year before.
Having said that, the average income has also fallen, from £1,384, after tax, to £1,310 per month. This is the lowest level it has dropped since spring 2008, when the average fell to £1,306.
NS&I’s senior savings spokesperson, Tim Mack, recommended setting savings goals for the tax year to come. He explained, “with the new financial year approaching, now is a good time for people to take a closer look at their finances and set themselves savings goals for the year ahead."
