Britons putting less in savings accounts
04 January 2010 13:13:25
 |
| Less money is being placed in savings accounts. |
Consumer savings levels fell in the third quarter of 2009, according to new research by unbiased.co.uk, dropping to £13bn from £19bn in the previous three months.
However, the money has not all been devoted to reducing consumers' debts, as the total level of money owed dipped by just £1bn over the same timeframe.
Overall, 32p was borrowed for every pound saved during the third quarter of 2009 and debt levels are almost double those recorded at the start of the year.
Karen Barrett, chief executive of unbiased.co.uk, remarked: "After the dramatic retreat from savings in favour of paying off personal debt in the first half of 2008, consumers are now slipping back into old habits, by borrowing around a third of what they save."
The expert warned that the poor level of savings could act as a "serious barrier" to economic recovery.
These latest figures follow the recent news that many parents are borrowing money from their children.
A report from Engage Mutual Assurance revealed that more than one in five parents have borrowed from their children's savings accounts, although the vast majority aim to pay the money back as quickly as possible.
‹ Back
Other Savings accounts News
-
Child SIPPs could turn babies into millionaires
Child SIPPs can provide comfort in retirement. -
Inflation taking its toll on older consumers
With inflation still biting, savings are becoming more important. -
Brits plunder savings accounts to fund Christmas
Piggy banks will be much lighter in the new year. -
Study reveals north-south divide for savings
Southerners' savings accounts tend to hold more than northerners'.
All Savings accounts News
Other Home Page News
-
Are credit cards facing a midlife crisis?
Credit cards - are they going out of fashion? -
Ofcom: UK enjoying faster broadband speeds
Many Britons switched to faster broadband deals last year. -
Bank withdraws charity credit card scheme
Lloyds Banking Group will no longer offer charity credit cards. -
Smart meters 'will not be compulsory'
Smart meters feed information back to the supplier
All News Stories
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.