Twenty percent of Brits are keen savers
May 26, 2008
Although riding inflation and interest rates have hit hard on the pockets of consumers in the UK around 20% of Brits state that they are keen to save money and will make the necessary sacrifices to help ensure that they can do this. According to the results of the study, which was conducted by National Savings and Investments, around a fifth of Brits are keen savers and are willing to make the necessary cutbacks in order to be able to prioritise on their savings.
The research suggests that around a fifth of Brits are willing to make cutbacks in order to be able to put some money aside, despite higher household costs as the result of increased interest rates and costs of living. This includes cutting back on going out, frivolous spending, luxuries, clothes, and social events.
Recent studies show that the overall amount of money being saved by Brits in proportion to income has actually fallen, but the number of people that are saving money has actually risen. Rising costs and interest rates have been partly blamed for the fall in the amount of money being saved, but the number of people determined to put money aside, no matter how little, seems to be encouraging.
One official from National Savings and Investments stated: “This result challenges the bleak view of Britain as a nation obsessed with spending and debt, and demonstrates there is a distinct group of British savers who are not only in the black but committed to saving every little penny. This may be influenced by the increased use of the internet which not only makes saving easier but also offers many ways to cut spending.”
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