Birmingham Midshires’ report has found that 87% of the 2,000 people it surveyed said they had continued to save as normal during the past three months. More than one in 10 people have opened a savings account and 6% have switched their savings to an alternative provider.
Of the one in 10 who have stopped saving during the past three months, just 8% cited market uncertainty as the reason for their decision, compared to 61% who have simply been unable to afford to put money aside. One in five have used the cash to service their debts or overpay on their mortgage and a similar number have invested in stocks and shares.
Jason Robinson, director of savings operations at Birmingham Midshires, said: It is encouraging to see that recent market conditions have not dampened Brits’ enthusiasm for saving. Clearly the majority of people are keen to maintain their good habits and save as regularly as they can.
