Savings levels are at their highest for a year

Brits have recorded the highest saving level of the year, according to the latest edition of NS&I’s Quarterly Savings Survey. People are now saving 8.04% of their incomes each month, £101 in monetary terms. The percentage of income saved each month has slowly risen and the monetary level has also surpassed £100 for the first time in a year.

This quarter’s figure represents the third Winter in four where savings levels have been above 8%, and it is also the fourth consecutive year that there has been an uplift in savings levels from Autumn to Winter.
 
Women have overtaken men in the savings race
 
As predicted in the last Quarterly Savings Survey, women (8.36%) have overtaken men (7.84%) in the amount saved as a percentage of income each month. This was last the case in Winter 2012 and it is just the eighth quarter it has happened since the survey began in Autumn 2004.

There has also been a significant difference in the genders in terms of not saving anything each month. Just under a fifth (18%) of women are now no longer saving anything each month, and this compares favourably to 23% this time last year. On the other hand, the same percentage of men (18%) are not putting any money aside in savings each month, but this has increased slightly from 17% at the same time last year.