Debt management overrides spending for many Brits

Thursday 28th January 2010

Brits' saving levels continue to increase, suggesting many people are committing to debt management plans in a bid to stay on top of their finances.

New research from Birmingham Midshires indicates people have increased the amount they are saving on a quarterly basis by 136 per cent, compared to the same time last year.

The average 'raiding' amount among British adults has reduced from a record high of £2,191 in July 2009 to its current level of £1,724.

What's more, the study reveals that in the three months to January 2010, people saved an average of £776, compared with £329 during the same period last year.

The number of those saving for a "rainy day" has also increased by nine per cent - from 18 per cent to 27 per cent, according to the research.

Commenting on the findings, head of Birmingham Midshires Savings Products John Bianco said: "It is encouraging to see that people are taking their savings seriously, putting away more and raiding less.

"In the current economic climate, people have revisited their savings habits with a marked increase in people saving for a rainy day."

Meanwhile the latest Nielsen-British Retail Consortium consumer confidence survey reveals that the number of people committed to saving is the highest recorded since the study began in November 2004.

More than two-thirds of people were found to be putting any spare money they have towards improving their personal finance situation. Some 40 per cent are increasing their savings, and 29 per cent are paying off their debts, according to the survey.

News article brought to you by Debt1 - UK Debt Management Specialists

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