Savings Highest Level For Year
Published / Last Updated on 28/04/2014
Savings Highest Level For Year.
National Savings and Investments (NS&I) has released figures suggesting that savings by the British public are at their highest for a year.
Their figures suggest that for last 3 months in 2013, the average amount saved per person went above £100
Quarters in 2013 | Amount saved as percentage of average income | Average saved per head |
Spring | 6.89% | £88 |
Summer | 7.42% | £96 |
Autumn | 7.76% | £98 |
Winter | 8.04% | £101 |
For the first time, savings by women were higher than men with Women saving 8.36% of average income at £89 and men 7.84% of average income at £113.
Comment
There is still a long way to go. When you look at other European nations, many exceed 10% and even 15% of income saved. Given the changes in the UK to state pensions and the reducing numbers of “gold plated”, defined contribution, salary related pensions, we must save more to repay debt as well as save for retirement.
We are planning some calculator facilities to enable us all to set targets and goals to work towards our future.