Single people 'better at saving'

Single people are better than couples at taking advantage of the best savings rates on the market, according to the NS&I.

The new data from the NS&I's saving survey revealed that single people have been better at saving a larger percentage of their income than married or cohabiting people, challenging the common belief that couples save more money.

NS&I's survey revealed that in the last quarter single people saved 8.68 per cent of their monthly income, compared to 6.92 per cent for couples.

Taking advantage of the best savings rates is more common amongst single people as they set themselves higher targets, aspiring to save 18.07 per cent of their income each month.

Many single people who participated in the survey said that they looked for the best savings rates and tried to save some of their income as they don't have anyone else to rely on financially.

Tim Mack, NS&I Savings Spokesman, explains: "Our research shows that nearly a third 31 per cent of single people use targets to help them manage their money."

The Monetary Policy Committee recently voted to keep the Bank of England base rate at 0.5 per cent, making this period the longest time without a change since the Second World War.
 

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2010-10-11 12:35:07 © Moneyextra.com