Savings reach new record

Posted on 14 December 2007 by Charcol

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The amount of money being saved in the UK has risen to a record level, according to National Savings.

The government-owned financial provider's quarterly savings survey reveals that British people saved an average of £91.15 each month this autumn, up from £81.43 in the summer. Those making regular savings banked £184.36 on average each month, the highest figure recorded since the survey began in 2004.

Figures published in November by the Building Societies Association (BSA) showed that savings into societies' accounts reached record levels in September and October. The BSA attributed this in part to funds withdrawn from the Northern Rock bank and deposited elsewhere.

However, National Savings' historical figures reveal that saving is typically highest in the autumn quarter, which covers September, October and November. Many of the survey's indicators are lower than those for the same period last year.

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