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ABI sees Brits' savings resolve

Around 47 per cent of Britons will look to save more in the New Year, the Association of British Insurers (ABI) has said.The industry organisation also found that 51 per cent felt that the current financial downturn makes it "more likely" that they will boost their savings.Since the onset of the credit crunch last year, stock markets have fallen sharply and many firms and homeowners have found it increasingly difficult to secure funds through borrowing.As a consequence, unemployment and repossessions are thought likely to rise over 2009 - putting pressure on budgets and seemingly increasing the need for households to have significant savings to access in cases of emergency.Commenting on the new poll Stephen Haddrill, director general of the ABI, said: "Our research shows that many people in Britain want to save more for the future - it's good news that even in this difficult economic climate, public attitudes are shifting towards saving. "This is not before time, as ABI research shows that around half of the working population aren't saving enough for their retirement."

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