National Savings and Investments reports surprise jump in savings

A report by the National Savings and Investments (NS&I) company has today revealed that on average UK citizens are saving more money per month than at any time in the last five years. While this particular statistic will obviously surprise many who are struggling to retain their homes amid a mortgage crisis it looks as though concern for the immediate future is seeing more and more people saving as much money as possible for a "rainy day". On average savers are putting aside just over £92 a month over the last quarter which compares to just over £90 the previous quarter. But is this situation really a reflection of everybody in the UK?



The report also suggests that around 47% of the UK population are putting money aside on a monthly basis, into various savings plans. This is a rather bizarre situation we are entering as UK savings rates are at an all-time low with minimal income on the vast majority of savings plan. It also looks as though the various products offered by the NS&I are the main beneficiaries of this bizarre rise in savings rates with people looking for a safe home for their savings in these troubled times. Maybe things are not quite as bad in the UK as many are suggesting?