People ‘trying to save their way out of debt’

People in Britain are saving more money now than at any point in the last four-and-a-half years, a new survey has suggested.

According to a report by NS&I, individuals in the UK are holding back £92.41 a month, which is the most recorded in the survey’s history.

Senior savings strategist at the financial provider said: “Many of us are cutting back on unnecessary spending and instead are putting a priority on saving, as saving for an emergency continues to be the number one reason for putting money aside.”

Those in debt could be doing more to save and it is important to set a goal, with 32 per cent of people in the UK believing they do not have enough money in case of a crisis, he added.

Furthermore, 39 per cent of those surveyed stated they would be saving less in the future.

In recent news, Nationwide revealed statistics that showed individuals viewed keeping aside money as more important in May 2009 than in the previous month.

By Francis Finch

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