The amount that people are saving every month has risen by 52% over the past ten years, according to the spring 2015 NS&I Savings Survey by TNS.
The survey of almost 2,500 British people aged over 16 aims to provide an idea of how much we are saving as a nation. The findings show that our savings have risen by over a half with women’s savings increasing more than men’s.
Per person, the monthly saving amount has risen from £68.85 to £104.56, however the average has fallen slightly in the past 12 months by 0.8%. Savings also vary per region, with the most dramatic increase being shown by those in the North East of England. Within ten years, those in the North East have increased their monthly saving by almost 125%. The number has jumped from £40.88 to £91.72 per month. In contrast, those in the South West have the smallest increase. Just 13.85% more is being saved per month (£75.16 up to £85.57).
Older People Save More
19% of young people (aged between 16 and 34) say that they have no savings at all. On the other hand, only 9% aged 65+ state they have zero savings. The older we get the more savings conscious we become. This may be due to retirement planning as we approach old age, or estate planning as we prepare to leave money to our next of kin.