NS&I reports drop in savings over the winter

Consumer saving dropped to the lowest level for over two years during the winter, it has been reported.

According to National Savings & Investments' NS&I Savings Survey, people are now putting aside an average of 6.25 per cent of their monthly take-home income.

One year ago, the figure stood at 6.48 per cent - a mean of £90.12 compared to £81.94 at present.

In addition, NS&I reports that the average income has fallen from £1,384 last quarter to £1,310.

Tim Mack, senior savings spokesman at the organisation, said: "With the new financial year approaching, now is a good time for people to take a closer look at their finances and set themselves savings goals for the year ahead."

Last month, David White, chief executive at the Children's Mutual, claimed young parents especially should be aiming to save as much money as possible.

Research conducted by the lender indicated that 93 per cent of firms are now supporting their children into adulthood.

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2010-03-05 14:29:15 © Moneyextra.com