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Media centre /
Press releaseNS&I WELCOMES A POSITIVE SAVINGS OUTLOOK FOR 200611 January 2006AND A SMALLER FESTIVE FINANCIAL HANGOVER Savings levels are set to soar this year, as over a third of Brits (37%) intend to up their savings in 2006, according to research from National Savings and Investments’ (NS&I) Quarterly Savings Survey. This is compared to a much smaller 19% who predict they will save less. These good intentions coincide with slower take up of consumer debt* and reports of reduced spending on the high street, both before and after Christmas**, suggesting Brits are rethinking their finances. The research shows those under 35 and savers living in Wales are the most determined to increase their savings. The over 55s and people in the South West are the least likely to save more. Dax Harkins, senior savings strategist at NS&I commented: “Our research indicates that people are more determined than ever to get a grip on their savings. We hope this determination will be followed through and we see a significant improvement in actual saving habits as the year progresses. With spending and debt levels at a reduced level it seems 2006 is the year for a financial health check.” Is 2006 the year of the saver? The New Year’s intentions are strongest in the young, with 70% of 16-24 year olds planning an increase in savings compared to a small 13% that predict they will save less. 25-34 year olds come close to this ambition with 55% set to bank more. However, older generations foresee saving less this year. Only 11% of 55-64 year olds intend to save more in 2006, while 20% predict a fall in savings. The over 65s also have approximately twice as many savers predicting a drop (31%) as those determined to up savings (14%). (See table below).
Regional Outlook All the regions show a positive savings outlook for 2006. Plans to save more are highest in Wales, Scotland and Yorkshire and Humberside. The South West is only slightly more likely to save in 2006 – for although 28% feel more likely to save, 26% feel less likely, giving an outlook of just +2%. (See table below).
An upward trend for savings In autumn 2005, NS&I’s Quarterly Savings Survey revealed Brits save an average 7.16% of their monthly income, with 55% of the population putting money away each month. This is up from 6.70% last autumn and the highest percentage saved to date. This trend looks set to continue in 2006 as target savings levels are also at their highest, at 14.75% of income, approximately twice the actual amount saved. Notes to Editors * Bank of England figures show that in November, the growth rate of consumer credit fell to just 9.8% a year, the slowest growth recorded since September 1994 and a fall from the recent peak of 16.1% in 2002. Unsecured borrowing rose in November by its smallest amount for nearly five years, at just £900m. ** Retail information group FootFall said that the number of people visiting shops between 26-30 December fell by 12.4% on 2004, and that the number of people visiting the nation's shops in the week to 21 December was down by 3.9 per cent against the same period a year ago. The NS&I Quarterly Savings Survey:
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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