Brits savings drop 8%

The amount of money Brits are putting aside in their savings dropped by eight per cent to just over £2,000 in the first few months of 2010, according to research by ING Direct.

A study by the firm found that Christmas debts led to UK adults saving an average of £2,023 in the first quarter of the year compared to the £2,205they had put aside in autumn 2009.

Johan de Wit, ING Direct chief executive, said: "After Christmas, you would expect there to be some seasonal adjustment as Britons rebalance their debts, but it's encouraging to see that so many households are looking to re-build their savings buffer for the remainder of the year."

It was also found that more people want to save with many individuals wanting help from the government to make saving easier.

Last week, it was reported that savers have been hit by further increases to consumer prices index and retail prices index inflation.

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2010-04-26 09:18:11 © Moneyextra.com