UK consumers 'saving more than a year ago'

UK consumers are saving 136 per cent more compared to the same period last year, it has been reported.

According to a new study conducted by Birmingham Midshires, Britons saved an average of £776 in the three months to January 2010, compared to £329 in the same quarter last year.

However, this is less than the £849 saved in the three months to July 2009.

John Bianco, head of Birmingham Midshires Savings Products, said it is "encouraging" to see that people are taking their savings seriously, putting away more and raiding less.

He added: "In the current economic climate, people have revisited their savings habits with a marked increase in people saving for a rainy day."

Last week, the Co-operative Bank Savings claimed that three-quarters of women attempted to rein in their spending during the recession.

John Hughes, director of retail products at the institution, said that many consumers believe they have become financially savvier over the past couple of years.

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2010-02-01 14:43:26 © Moneyextra.com