A new survey from National Savings and Investments (NS&I) has revealed that savers are continuing to save at the same rate as before the credit crunch . The survey found that the economic downturn has had little impact on the proportion of their income savers are putting into savings accounts each year, with the average person saving 6 per cent of their take home income this year, a similar level to 2005.
The findings of NS&I's Savings Survey are contrary to the majority of media reports, which have suggested that uncertainty in the downturn has persuaded savers to repay debts rather than taking out ISAs or savings account, while low interest rates have offered consumers little incentive to save. Earlier this week, the Bank of England confirmed the trend of consumers paying off their debts, with a drop of £713 million in the amount owed on banks loans, car loans and similar forms of credit .
However, NS&I's survey suggested that economic uncertainty had convinced consumers to save, and had prompted a change in the reasons for saving. Instead of saving for retirement or holidays, consumers are now saving for an emergency.
Bank Savings Survey Reveals Stable Savings Levels
Financial Services > e-banking > Banking news
Bank Savings Survey Reveals Stable Savings Levels
Fri, 04 Dec 2009
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