Millions of Brits are saving more than ever

Nia Williams

March 22, 2011

The survey showed that 24% are going to unusual lengths to stash the cash. A staggering 7.5 million people are flogging unwanted gifts on ebay, nearly 750,000 are going to car boot sales and doing odd jobs for friends and neighbours while another 520,000 have even sold their family heirlooms in order to have a nest egg to fall back on.

The survey also revealed that although nearly 9.5 million people (18%) tell their partners they have a savings account, they do not disclose how much is in it. In addition a staggering four million of us (8%) lie to our partners about our savings account.

The results, based on a survey of 3,000 adults in the UK, revealed that the average Brit stashes away £1,320 per year, with holidays and home improvements being the most popular items on the saving list. It would also seem that loyal savers are prepared to wait to get the item of their dreams with over a quarter of people (28%) willing to hold off for over a year to be able to afford the item they want. And 19% were saving for a deposit on a house.

Steve Reid, retail director for Clydesdale Bank, said: “Although three fifths of Brits (60%) have dipped into their savings accounts to fund unexpected household bills, I am glad to see that we are also putting money away to treat ourselves and our families be it holidays, home improvements or a new car. All of which goes to show it certainly pays to save.”

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