UK Savings are up but also is spending
12th June 2007
The UK banked a record amount of savings between April and June 2006 new figures have shown with some £38.6 million put away for future uses - according to a new report from IFA Promotion.
Despite the record figure, the report also noted that debt remains high – suggesting that people are putting money away while being charged interest on loans.
“This new-fangled allegiance to saving is all well and good, but only if we show equal commitment to controlling our debts,” said IFA Promotion boss David Elms. “People are beginning to take heed of repeated calls to start saving but seem to be eliminating spending and borrowing behaviour from their budgetary considerations. The simple fact is that if we don’t stop borrowing money, the positive effects of saving will be negated.”
The UK borrowed 48p for every pound saved between April and June 2006, up from just 16p borrowed to every pound saved in the first quarter of the year.
Source: IFA Promotion, 2007
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