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Friday 23rd May 2008
Britons are saving more and more of their income to inure them against potential financial shocks in the months to come, new data has revealed.
A study of financial habits conducted by Birmingham Midshires it was found that the amount being saved by Britons over the last three months has risen to £938 - up from just £910 during the same period last year.
Meanwhile, the amount that the average consumer has raided from their existing savings has fallen from £2,000 to £1,700.
Tim Hague, director of savings and investments at Birmingham Midshires said the findings were indicative of a new mood of financial prudence which he attributed to consumers' fears over the rising cost of living and the gloom in the wider economy.
He commented: "This research shows how current market conditions are playing on the minds of Britons.
"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."
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