A new survey by Dutch bank ING direct has found that the average Brit had readily available cash savings of £2,205 at the end of 2009. The median figure indicates only a very slight increase from the start of the year, when Brits were said to have an average of £2,167 readily available to them in savings accounts . The increase is surprisingly small given that the official household savings ratio is at its highest level in over a decade.
The modest figures contrast with Bank of England aggregate data which suggests that the mean level of savings stands at £23,500 for the average Brit. Unlike the Bank of England data, the figures from ING are less influenced by the wealthiest 5 per cent of Brits, who hold a third of all savings.
While the Bank of England have welcomed the newly balanced household savings ratio, ING economist James Knightley has suggested it is only a temporary state of affairs, and that it may have been caused by the temporary unavailability of new credit .
ING has also warned that savers may find it more difficult to save once interest rates rise, as although there will be more attractive offers from banks, interest rates and repayments on mortgages will also rise.
Dutch Bank Reveals Average UK Savings
Financial Services > e-banking > Banking news
Dutch Bank Reveals Average UK Savings
Fri, 29 Jan 2010
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