Britons stepping up their savings efforts, study finds

The amount of money being put away by Britons has risen over the past year, newly-published figures show.

According to the research carried out by Birmingham Midshires, adults across the UK put away an average of £776 over the three months to the end of January.

This compares to the £329 squirreled away in the same period of last year, with savings levels expected to remain high as Britons continue to see getting out of debt and back into the black as their main financial priority for 2010.

Welcoming the figures, head of savings products at Birmingham Midshires John Bianco stated: “In the current economic climate people have revisited their savings habits with a marked increase in people saving for a rainy day.”

At the same time, however, around one in four of those polled for the study admitted to dipping into their savings on at least one occasion over the Christmas and New Year period.

Meanwhile, National Savings & Investments (NS&I) recently announced plans to launch an instant access account that will allow savers to manage their money over the phone or online.

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