Consumers preferring safe savings accounts
23 February 2009 11:30:00
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| UK consumers are opting for savings accounts over spending. |
Findings from a study by the bank Abbey revealed that consumers of all ages and in all regions are saving their money as the UK's recession becomes deeper.
The research revealed that the average man and woman in the UK have saved up to £3,168 each in the last year by being more careful with their money while those aged between 18 and 34 are the most thrifty when it comes to spending money in the present economic climate.
Reza Attar-Zadeh, director of savings and investments at Abbey, said many people are looking to tighten their belts.
"It can be surprising how even making a few small changes to our way of living, such as buying a cheaper brand of food or ditching take-aways in favour of making something from scratch, can add up to hundreds or even thousands of pounds in savings over the course of a year."
Previous research from the cahoot, the internet division of Abbey, showed that people are living greener lives through being more careful about their spending.
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