14th July 2015
The average amount that British people save every month has increased by over 50% during the past 10 years, however one in five have no savings at all.
The survey by NS&I shows that over the past decade the average amount saved per head each month has risen from £68.85 in spring 2005 to £104.56 in spring 2015 – an increase of £35.71 or 52%.
The increase comes despite a slight fall (-0.8%) in the average saved per head compared with 12 months previous.
During the past decade women have seen a greater percentage increase in their monthly savings with spring 2015 figures showing that they are now, on average, saving £91.77 a month compared with £56.80 in spring 2005; an increase of £34.97 or 62%.
In comparison, while on average men have been able to save more overall than women, their average monthly savings have only increased by 44% in the past decade from £81.73 in spring 2005 to £117.33 in spring 2015.
The survey also shows that over the decade people living in the North East of England have on average seen their savings potential increase by a staggering 124.36%. Back in spring 2005 people from the region were on average only putting aside £40.88 a month while that figure has now risen to £91.72 per month; the largest increase of any region in the country.
At the other end of the scale it’s people living in the South West who’ve seen the smallest growth in their average monthly savings with an increase of just 13.85%. In spring 2005 people from this region were on average putting aside £75.16 per month compared with £85.57 a month in spring 2015.
While the savings habit is improving across the country there are still nearly one in five (19%) people aged between 16 and 34 who say they do not have any savings at all. The picture improves as people get older with fewer than one in ten (9%) of those aged 65+ saying they have no money set aside.
Julian Hynd, retail director at NS&I, said: “It’s encouraging to see that people all across the country are able to budget more and more of their monthly income towards their savings. Although the average amount saved per person has slightly fallen compared to spring 2014 we are still seeing the second highest for the decade.
“We want to encourage a healthy savings culture where people do think about the unexpected. Regularly reviewing our saving behaviour and putting aside that bit of extra money each month – either for a rainy day or a big ticket purchase – is a good habit for us all to be in.”