14.5 million Brits are saving more than ever

21/03/2011

An estimated 10.4 million are going to unusual lengths to stash the cash

A survey by Clydesdale and Yorkshire Banks into the nation's saving habits found that despite feeling the squeeze, over a quarter of us (28%) are saving more money than we did twelve months ago and 24% are going to unusual lengths to stash the cash.

The results found that a staggering 7.5 million people are flogging unwanted gifts on Ebay, nearly 750,000 are going to car boot sales and doing odd jobs for friends and neighbours while another 520,000 have even sold their family heirlooms in order to have a nest egg to fall back on.

The survey also revealed that although nearly 9.5 million people (18%) tell their partners they have a savings account, they do not disclose how much is in it. In addition a staggering four million of us (8%) lie to our partners about our savings account.

The results, based on a survey of 3,000 adults in the UK, revealed that the average Brit stashes away £1,320 per year, with holidays and home improvements being the most popular items on the saving list. It would also seem that loyal savers are prepared to wait to get the item of their dreams with over a quarter of people (28%) willing to hold off for over a year to be able to afford the item they want.

Steve Reid, retail director for Clydesdale Bank said: "Although three fifths of Brits (60%) have dipped into their savings accounts to fund unexpected household bills, I am glad to see that we are also putting money away to treat ourselves and our families be it holidays, home improvements or a new car. All of which goes to show it certainly pays to save."

Britain's top ten saving wish list as identified by Clydesdale and Yorkshire Banks:

• A holiday (36%)
• A deposit for a house (19%)
• Home improvements (17%)
• Christmas (15%)
• A car (12%)
• A wedding (11%)
• Having a baby (7%)
• A hen or stag party (6%)
• An unusual collector's item eg a stamp (6%)
• Education (5%)

Clydesdale and Yorkshire Banks are currently offering up to 4.25% tax free/AER on their Cash ISA Fixed Rate Bond. A one year term with a rate of 3% tax free/AER is also available.*

Visit http://www.cbonline.co.uk/personal/savings/ or http://www.ybonline.co.uk/personal/savings/ for more information on savings accounts.