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Abbey reveals savings decline

Abbey reveals savings decline

People are putting less money in savings accounts, new research shows.

Less cash is being put into savings accounts, new research indicates.

Figures published by Abbey Savings reveals the average person is currently putting an £120 in a savings account each month, a fall of £43 from the amount put away during the first quarter of 2009.

The firm - which offers the Abbey eSaver Direct in its portfolio of savings products - also indicates that 21 per cent of Brits are saving less money now than they were 12 months ago.

However, 45 per cent claim they are still managing to put the same amount away as in spring 2008, while one in four are looking to increase how much they set aside in the next three to six months.

Reza Attar-Zadeh, director of savings and investments for Abbey, states that the firm is "certainly observing an overall decline which may not come a huge surprise, but it's positive to see that there are some good intentions out there".

For those looking to make the most of the money they are able to put away, seeking out high interest savings accounts may be advisable.

Meanwhile, recent Nationwide research has revealed that less than half of people are currently saving money on a regular basis.ADNFCR-2079-ID-19183483-ADNFCR
Friday, 22 May 2009 00:00
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Comments (1)

The comments listed below are opinions held by the individuals posting and are not endorsed by, or representative of opinions held by which4u.co.uk. We cannot be held responsible or liable for the accuracy or content of any comments submitted. We reserve the right to publish, remove or edit comments as we see fit.
  • G Colquhoun 2009-06-10 11:30:04
    it's no surprise to me that the savers are staying away, who will be bothered to save with the interest rates being handed out by greedy banks,they still want high rates on loans, and give savers poor returns.

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