Wed, 31 Aug, 2016
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Savings 'increase 39-fold since 1960s'

Britons have increased their savings 39-fold in real terms since the early 1960s, according to the National Savings and Investments (NS&I) Century of Saving report.

The data also suggests that savings have risen by nearly a third (31 per cent) since 2000.

It also indicates that some 50 per cent of adults look to become regular savers by 2060.

Dax Harkins, senior savings strategist at NS&I, comments that technological advances such as phone and internet banking have made things easier for savers.

"We expect future developments will play a part in boosting the future savings ratio by making new products possible and allowing new ways to access them using convergence products such as Apple's iPhone," he adds.

Mr Harkins concludes that despite advances in technology, simple measures can still be the most effective.

Meanwhile, data from Norwich and Peterborough Building Society suggests that many people who save regularly for their children usually add around 1,300 per year to their accounts.