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According to Abbey Savings, typical British savers presently set aside an average of £120 per month. The monthly sums saved by men and women are reported to stand at £155 and £86 respectively.

All figures represent a reduction on those recorded during the first quarter of the year, with the current average sum of £120 being £43 less. However, it would seem that an intention to save more is apparent among many. In fact, 25 percent are planning to put away a greater sum of money in the next 3 to 6 months and 11 percent have already increased the amount that they save compared to last year.

With regard to further annual comparisons, the survey has led to the realisation that 21 percent are saving less than they were a year ago. This can be seen by the overall reduction of £315 per month. Contrary to this, 45 percent of respondents claimed to be saving at the same level as they were, and the aforementioned 11 percent are saving an average of £207 more per month.

Reza Attar-Zadeh, Director of Savings & Investments at Abbey commented: “This insight into the current state of British savings allows us to track the nation’s savings habits closely; we are certainly observing an overall decline which may not come as a huge surprise, but it’s positive to see that there are some good intentions out there.

“Whether savers decide to put their hard-earned money aside from the long term benefits, 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 - 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.”

It would appear that instant access savings accounts are held by the greatest percentage of those surveyed, at 62 percent, while 43 percent have Cash ISA’s. Regular savings accounts are possessed by 20 percent and 14 percent have Stocks and Shares ISA’s.

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Homeowners that are limited to the amount of money that they can save each month because of expensive monthly repayments on personal credit, may wish to investigate the possibility of consolidating these existing debts. A debt consolidation loan is one of many options to consolidate debt. This could leave the borrower with just one, potentially lower, monthly repayment – thus freeing up useful money each month. For those that are keen to top up their savings, this extra money could be put away for future use if desired. If using a secured loan to consolidate debt, it should however be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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