Buy now pay later - No longer preferred option

Current economic conditions have made millions of Britons re-evaluate their financial priorities, according to research from Abbey Savings. In particular attitudes towards saving versus spending have changed dramatically. In 2006, 17.1 million people (37 per cent) described themselves as a "spender", but today this figure has dropped to just 11.5 million (25 per cent).

With an additional 5.6 million (12 per cent) now trying to turn their back on their spending habit, the research also unveiled a significant up-turn in the number of people trying to save on a regular basis. In 2006, 2.7 million (6 per cent) people said they attempted to save every two weeks or more but today this figure has jumped to 4.1 million (9 per cent), a rise of 1.4 million.

Since 2006 the number of people who hold a regular savings account has jumped from 6 million (13 per cent) to 7.4 million (16 per cent), reflecting this change.

Reza Attar-Zadeh, Director of Savings and Investments at Abbey: "General levels of caution about the health of the economy and job security means that it's difficult to separate consumers from their cash. We're increasingly more likely to put any money we can spare into a savings account and with Christmas fast approaching and prices rising faster than incomes, it's wise for consumers to plan ahead and become more savvy with their spending habits. The Abbey eSaver Direct is perfect for disciplined savings, offering a best buy 6.50 per cent gross/AER on a minimum of just £1 when you make no withdrawals".

eSaver Direct:

6.19 per cent gross/AER when you make 1 withdrawal in a year or 6.50 per cent gross/AER when you make 0 withdrawals in a year.
0.75 per cent bonus for the 12 months
£1 minimum, £2million maximum
Internet only, easy access
2.75 per cent interest paid on the whole balance in any month a withdrawal is made