Savings not in such a sorry state

Birmingham Midshires claims that the average amount is £7,548 in liquid savings, enough for 167 days, as the bank continues to urge people to save more.

Jason Robinson, director of savings operations for Birmingham Midshires, said: “For a long time we’ve been vocal in recommending that Britons have at least three months salary in savings to cover those unexpected costs that lurk around the corner.

“It is encouraging to see that we are taking heed of this message and are actually saving double this amount. To see this grow even further it is very important to find the best rate of return on their hard earned savings.”

Men were found to save the most in the survey and women the least, which compares to recent research which suggests that many young women are outspending their income.

While the bank paints a rosy picture of Britons’ savings, debt is still growing along with fuel bills and council taxes which means many may dip into savings for repayments in the future.