The typical 2009 saver

British savers are currently managing to put aside an average of £163 each month, according to research by Abbey Savings; which today launches the first of a series of profiles capturing the savings status of the nation.

‘Snapshot' of a UK Saver

The research reveals the characteristics of a typical saver.

Puts away £163 a month
Men saving £196 per month
Women saving £131 per month

Is saving £54 less a month than this time last year

Has an Instant Access Savings Account (58%) or cash ISA (42%)

Almost half (45 per cent) of people say that they are still saving the same amount as they were 12 months ago, but a quarter (26 per cent) are feeling the pinch and are now saving less. One in ten (11 per cent) however, are putting away more this year than last.

2009 vs. 2008

The research found that people in the UK are saving £54 less each month than they were this time a year ago. Additional analysis reveals that of those reducing their savings in 2009, the collective, average decrease is a massive £259 per month; on the other hand those increasing the amount they are putting away are doing so by an average £182 per month.

Reza Attar-Zadeh, Director of Savings & Investments at Abbey said: "This insight into the current state of British savings habits reveals a mixed picture - but the good news is it's not all doom and gloom. While the average amount being saved each month has certainly reduced from last year, there is significant proportion of people actually now saving more than they were.

Reza Attar-Zadeh continued "Despite ever-growing pressures on the pocket, people are still putting some of their hard-earned money aside, whether for the long term, for a specific purpose such as a holiday or a wedding, or for emergencies. The most important thing for people to do when thinking about saving is to work out a plan of action that works for them and then choose the right accounts to suit their needs. To maximise returns, every taxpayer would do well to consider making the most of their annual tax-free ISA allowance, and a Cash ISA is a good first port of call."

Most popular savings products

The research also reveals a picture of the accounts held by UK savers:

Over half (58 per cent) hold an instant access account
42% say they have a Cash ISA
A fifth (18 per cent) have a regular savings account
One in ten (11 per cent) hold a Stocks and Shares ISA
One in 12 (8 per cent) have a notice account
Just 7 per cent have savings bonds