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"More people" are saving for a rainy day

06 February 2008

The number of people putting money away has increased this year, according to new figures.

Research by Birmingham Midshires has found that 69 per cent of Brits have average savings of £814, compared to this time last year when 66 per cent had around £813.

Jason Robinson, director of savings operations at the firm, stated: "While the economic climate has led to a tightening of budgets among households throughout Britain, we are delighted to see that people are getting into the savings habit."

Savers should keep shopping around to ensure they're getting the best rates available on their accounts, he advised.

Mr Robinson also recommended that people should have around three months worth of salary saved up in case any financial emergencies should arise.

Bradford & Bingley research found that half of all Brits intend to save more money this year and 40 per cent are trying to manage their finances more carefully.

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