Britons saving for the future

Britons are continuing to put money aside and save for the future, according to Sainsbury’s Bank.

The savings market is growing steadily and people may be moving away from credit towards saving, according to the bank.

A spokesman revealed that the amount of money placed in Sainsbury’s Bank savings accounts in August was 42 per cent higher than that deposited in the previous month.

Peter Wood, head of savings at Sainsbury’s Bank, notes that credit “is much more freely available than it used to be”.

But he added that “if you look overall at the savings market, that’s continued to grow amazingly”.

Mr Wood says that there hasnít as yet been a dynamic shift towards a savings culture, but he is encouraged by signs that it “continues to steadily grow”.

However, for Britons starting their own business, loans are the way to go, according to Lloyds TSB.

The bank says that fixed-rate loans to small businesses have emerged as the dominant commercial loan in recent months.

© Adfero Ltd

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