Savings down in autumn

The amount of money being saved by Brits has decreased this autumn, according to the latest NS&I Savings Survey.

Those looking for the best savings rates will be interested to hear that Brits are setting aside £82.92 on average, which equates to 6.69 per cent of their income.

This figure is a decline from 12 months ago when Brits were saving £88.65 every month and it also represents the lowest savings figure recorded since the survey began.

Experts believe that the drop in savings could be a result of declining income levels compared to 2009 levels as the average monthly take-home income has fallen from £1,384.20 to £1,239.10.

Tim Mack, savings spokesman, NS&I, said: "Many people may be feeling the squeeze with just one week to go until Christmas. The festive period can be an expensive time but there are still savings to be made, if you're prepared to shop around."

A survey carried out by Sainsbury's credit cards revealed that Brits are expected to spend £6.7 billion on gifts, food and drink in the week before Christmas.
 

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2010-12-20 13:47:31 © Moneyextra.com