Savings on the up for Britons
(29 January 2008)

British people's savings have increased 31 per cent since 2000, but it could still be 50 years before the majority become regular savers, according to a new report.

Reserves have risen from £1.1 billion fifty years ago, to £43.9 billion last year, says the Century of Savings report from National Savings & Investments (NS&I).

There are also a number of changes in the way that people are putting their money away, with people moving savings to more competitive schemes rather than cash deposit accounts.

Brits are now putting money away each month, rather than on a weekly basis as their 1957 counterparts did.

The NS&I report predicts that half of British people will be regular savers by 2060, although it says it could occur in 2057.

A report from NS&I at the end of last year said that a fifth of people still save nothing but that regular savers are putting more aside each month, reports the BBC.