Saving gains popularity

The findings by the long-term life and savings company show that despite the backdrop of austerity measures and fiscal tightening the public is still being financially responsible.

People aged 25 to 34 were the most likely to save with more than half (51%) setting aside the same or more savings since last year, when measured against the same period the year before. They’re followed by 18 to 24 year olds (46%) and the over 55s (41%).

John Lawson, head of pensions policy at Standard Life, said: “It is encouraging to see that even when the public is faced with increasing financial pressures, with inflation pressures and rising utility costs to name but a few, they’re taking the sensible approach by saving their money.

“Savings, whether it is for a new home, holiday or the long term is vitally important. People don’t have to set aside a lot of money to feel the benefit of an investment in the future. Whether it’s putting it into a mutual fund, pension or ISA, a little is better than nothing at all.”

Regionally the North East (48%) is saving the same or more in the past year, with East Midlands (46%), London (45%), Wales and Scotland (both 44%) closely behind. These are followed by the North of England (43%), Northern Ireland, Yorkshire & Humber (both 42%), South East, North West, East of England (all 40%) and the West Midlands and South West (36%).