British savings ‘increase 39 fold since 1960s’

Brits have increased their savings 39 fold in real terms since the early 1960s, it has been claimed.

According to NS&I, despite the trend of increasing debt, British savings have grown by 31 per cent since 2000, reaching £43.9 billion last year.

It also predicts that 50 per cent of adults will be regular savers by 2060, compared to 43 per cent today.

Dax Harkins, the firm’s senior savings strategist, attributes the figures to technological advances such as internet and telephone banking, claiming they make it easier to save.

“We expect future development will play a part in boosting the future savings ratio by making new products possible and allowing new ways to access them using convergence products such as Apple’s iPhone,” he continued.

However, Mr Harkins claimed that “simple measures” such as setting up a standing order can still be just as effective.

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

© Adfero Ltd

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