2014 was a top year for saving
19th March 2015
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More people saved money during 2014 than at any time in the past decade, according to data from the National Savings & Investments Quarterly Savings Survey.

Average monthly savings last year rose to £113.77, 9.25% higher than in 2013.  This is the highest share of monthly pay to be saved since NS&I began its quarterly savings survey in 2004.  It reached its lowest point at 5.82% in Spring 2005.

The vast majority, 74% of survey respondents, who put money aside each month said they did so without a goal in mind & simply because they believed it was the right thing to do, the survey found.  In addition, almost half of those aged between 25 and 34 and 41% of those aged between 16 and 24 were saving to cover housing costs.

David Connor, Director at Investment Solutions said: 'The news is a welcome surprise to me, particularly with interest rates being as low as they are and not providing an incentive for people to set aside their money'.

About the Author

Ivan Lyons

Member since: 10th March 2014

Investment Solutions Wealth Management Ltd are Chartered Financial Planners and independent financial advisers in Worthing helping clients to create, increase and preserve their wealth

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