Brits raid savings less as inflation concerns grow
This is according to the latest quarterly Saving Britain research from BM Savings which found that nearly seven in 10 (69%) savers over the age of 65 were worried about inflation. However, only three in 10 (30%) young (18-24) were concerned their savings would be affected.
The average amount people saved in the past three months fell from £768 to £754 and the average amount people raided from their savings account in the past three months also fell, from £1,873 to £1,750.
The most committed savers were 35-44 year olds who managed to save an average of over £1,100 in the past three months, compared to savers aged 45-54 who managed to save an average of £469.
Following the latest findings John Bianco, head of products at BM Savings said: “As we head into summer, savers have reduced the amount they have raided from their savings account. Consistently putting money away is a great way to ensure savings are there for upcoming summer holidays.”
Around a quarter of those in London (24%), Wales (25%) and Scotland (26%) have up to £5,000 in savings, compared to the UK average of 22%.
Nearly half (48%) of all Brits did not save anything in the last three months, however, six in 10 (62%) Londoners were able to save an average of £588.
Less than four in 10 (37%) savers raided their savings accounts with those tightening the purse strings being in Scotland (29%) and in the East of England (28%) with only three in 10 raiding their accounts.