UK experiencing a savings boom

Recent research indicates that UK earners are heeding government and consumer watchdog warnings over debt and saving more.

The Building Societies Association figures for September reveal record inflows into savings accounts for the third time this year.

Building Societies recorded savings inflows of £1,110 million in September compared to £1,220 million at the same time last year.

Although the figure is lower than last year’s amount, it is an improvement for this year. Cash individual savings accounts (ISAs) recorded net receipts of £60 million.

Adrian Coles, director-general of the Building Societies Association, said: “Building societies enjoyed another successful month in the savings market in September, attracting more than £1 billion for the third time this year.

“Much is written about over-indebtedness but it is worth bearing in mind that households’ total savings have grown by more than a third in the last eight years, even taking account of inflation.”

© Adfero Ltd

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