Majority of Brits plan to save next year

Some 82 per cent of Britons intend to organise their savings next year, with one in five admitting that they had not saved as much as anticipated in 2006.

According to Alliance & Leicester (A&L), 31 per cent of those aiming to sort out their savings in 2007 say it is because they have realised the seriousness of not doing so thus far.

However, methods of saving appear to vary, with 31 per cent intending to put their loose change in a piggy bank, while 56 per cent say they will save money as and when their finances allow them to.

However, A&L is advising would-be savers to set up a monthly payment into a designated account, which could help them maximise interest and get into the savings habit.

Helen Palmer, A&L’s head of current accounts, remarked: “Unless people commit to saving a set amount on a monthly basis it is highly unlikely that they will get round to saving any money at all.”

Meanwhile, the Association of British Credit Unions has recently suggested that people could start saving for next Christmas by joining a credit union from which they can borrow money from.

© Adfero Ltd

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