Most Britons are saving
(28 January 2008)

A majority of British people have money in savings, but most are not taking advantage of tax free individual savings accounts (Isas), according to a source.

Figures from the Office for National Statistics (ONS) show that 70 per cent of people have saved money in deposit accounts, Isas and shares.

South-east England is the area which saves the most, with 78 per cent of people having some savings, while Wales lags behind with 58 per cent putting money away.

The most popular form of saving is a deposit account, with only 34 per cent of savers taking advantage of tax free Isas.

The ONS research also shows that 39 per cent of people would rather have a better quality of life now than save for the future in pension schemes.

A recent study by Baring Asset Management, showed that over nine million Britons have made no pension savings, with ONS saying that only 49 per cent of people think pensions are the best way to save for retirement.