56% rise in savings reported |
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Published
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Fri, 04 Mar 2005 01:00
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A new survey by National Savings and Investments (NSI) reports 56 per cent rise in savings, with an average UK resident wanting to save up to 15 per cent of their salary for the future.
“Across the country more people are saving and if we go by the data available over the next three months people are likely to save more,” said Dax Harkins, senior savings strategist at NSI.
| But the startling fact of the survey was the young were willing to put aside a considerable amount and were keen on saving for the future as against their old counterparts.
“The country's best savers, by a considerable margin, continue to be 16-24 year-olds,” said NSI survey.
The report stated that people in the age group of 16-24 saves 9.25 per cent of their monthly income, while close next was 25-34 year-olds saving 7.58 per cent of the amount.
NSI also found out that men saved more than women by almost 50 per cent. It said an average male saving now stands at £21,026, while that of women at £13,989.
But Harkins said there was a reason for wider gap in savings among the gender. He said women's salaries are, on average, lower than men's, so you would expect a lower amount of savings, both in total and regular monthly amounts.
Nonetheless, the percentage of women saving regularly rose, with most of them determined to save more than their male counterparts. But this was not possible, according to NIS, as over the next three months women will fall short of saving as against men.
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