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Appetite for saving grows

The number of people planning to save over the next 3 months increased from 16% in spring 2013 to 18% in spring 2014, according to National Savings & Investments (NS&I).

The NS&I’s quarterly savings survey revealed that the number of people unlikely to save fell from 22% in spring 2013 to 18% in spring 2014.

Key findings:

  • Brits save an average £105 per month
  • 13% have no savings at all
  • 56% had enough savings to cover an emergency in spring 2014, up from 52% in spring 2013
  • 20% have savings between £10,000 and £49,999.

Julian Hynd, retail director at NS&I, said:

“We are seeing more positive signs and a better outlook on the national saving picture since last spring, when saving levels were among the lowest in 3 years.

“The fact that more people say they have enough savings to cope with the unexpected is very good news.”

A separate study by consumer group Which? found that 40% of people who are aware of new ISA rules believe the changes will help them save more.

The research revealed the reforms will encourage 54% of people to shop around for the best ISA deals.

The survey also found that 55% of individuals with instant-access cash ISAs and 42% of people with notice cash ISAs had never searched for a better deal before.

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