Brits still trying to save money wherever they can

New research suggests that the majority of Brits are still trying to save whatever money they can, despite growing pressure on their finances.

Inflation remains high, with costs for essentials such as food, energy and fuel still rising, but it seems many people are stilling trying to save where they can.

Research carried out by AA Financial Services found that 67% of people are trying to save what they can, when they can. This is a slight increase from 2010, when 65% said they save when possible.

These efforts to save money come despite 50% of people saying that they donít have much to put into a savings account each month.

ìOur findings suggest that while people are worried about taking on debt and are trying to reduce it, they are also still doing their best to maintain a savings habit,î said Mark Huggins, Director of AA Financial Services.

ìDespite that, a third of respondents who do have savings admit they have no idea what interest rate they are earning.  A quarter said that they never even check how much their savings earn,î added Huggins.

The research found that the majority of people still choose to keep their savings in a high street bank, but there are more people now looking to non-bank providers.

It was found that 60% of people choose a high street bank for their savings accounts, but more than twice as many people as last year are opting for an alternative.

“At a time when there is less money but with small improvements in interest rates, I would expect more people to be taking an interest in making their money work for them,î added Mr Huggins.

ìThose with high levels of savings are astute to interest rates and a good start would be for everyone to look at their savings options. Whether you have £1m to save or can afford just £10 a month, moving your money and opening an account isn’t difficult.î

You can compare savings accounts with Money Expert.

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