The amount people saved each month fell between spring and summer 2014, both as a percentage of monthly income and in terms of value, according to National Savings and Investments (NS&I).
NS&I’s latest quarterly survey of saving habits found that the average person saved 7.63% of their monthly income in June, July and August – or £101.66. This is down from 8.21% (£105.43) in the previous quarter.
Other interesting findings from the survey:
- men saved almost £38 per month more than women
- people aged over 65 saved £128.33 per month – more than any other age group
- the 35-44 age group saved £14.16 less per month compared with the previous quarter
- 16% of people have no savings at all, rising to 24% among those aged 35-44
- a quarter of those in the north-east and Scotland have less than £1,000 in savings.
NS&I’s retail director, Julian Hynd, said:
“Over the summer months there was cause for concern as the consistent rise in savings we’ve seen over the last year came to a sudden halt. With Christmas on our doorstep, and an interest rate increase predicted for next year, it’s essential we regularly review how much we can put aside in savings. It’s also important to review now the personal impact interest rate rises may have, and if necessary take steps to make sure that an increase in payments, including mortgages, is affordable.”