Britons still saving in difficult economic times

by Richard Kilner

Story link: Britons still saving in difficult economic times

Despite the difficult economic times 41% of Britons are saving as much, or even more, over the last year as they did in the previous 12 months, according to new research from Standard Life.

The younger generation (25 to 34 year olds) were likeliest to keep up with saving, with just over half (51%) putting aside the same amount or more.

The North East is the thriftiest region, with 48% setting aside the same or more as last year, with the West Midlands and South West saving less (36%).

Head of Pensions Policy at Standard Life John Lawson said that it was encouraging to see that, despite high inflation and a challenging economic environment, many people are taking a sensible view towards saving for the future.

Lawson went on to say that saving was important, whether for the long term or to purchase a holiday, car or suchlike.

Last month the Co-operative Bank reported that 80% of Britons were worried about their finances, with personal debt and utility/energy bill price hikes the matters of most concern.