British consumers 'are saving more'

Brits have almost doubled the amount they are saving on a quarterly basis compared to this time last year, it has been reported.

According to research conducted by Birmingham Midshires, Brits saved an average of £1,031 in the three months to April 2010, compared with £554 this time last year and £776 during the three months to January 2010.

Some 39 per cent of consumers said they had raised their savings during the same period, although the average amount has reduced to £1,499 from £1,724.

In London however, the average figure was £2,171 in the last quarter, compared to just £1,004 in the east of England.

John Bianco, senior manager for Birmingham Midshires Savings, said it was reassuring to see that people have increased the amount they save for the second quarter in a row.

"Good saving habits are important to ensure you can plan ahead financially," he claimed.

Last month, a three-point rise was seen in the Nationwide Savings Index, with 51 per cent of consumers putting money away, compared to 48 per cent in February.

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2010-04-19 13:40:41 © Moneyextra.com