Savvy Brits ‘spend less and save more’

The current economic turmoil has led Britons to readdress their finances, with more cash being put away in savings accounts, according to Birmingham Midshires (BM).

Over the last three months BM has found that Brits have saved an average of £938.

This is an increase of £28 compared to the same period last year.

Furthermore, 60 per cent of the 2,000 people questioned by the firm said they had not dipped into their savings in the last three months.

Director of savings and investments at BM Tim Hague urged Brits to ensure they have saved an amount equal to three months’ earnings.

“Despite a marked increase in living costs, people are becoming more cautious and managing to save more and spend less, with their financial future in mind,” he said.

Isle of Man-based Alliance & Leicester International recently launched two new savings products.

© Adfero Ltd

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