A new survey by savings account provider AA has shown that those with money to put away are doing so with the hope of purchasing a new car in the future.
Some 47 per cent of the 13,000 motorists questioned are saving up their spare cash in order to splash out on a new vehicle and the firm has put the results down to the success of the government's car scrappage scheme.
The initiative allows car owners whose vehicle is over a decade old to make savings of up to £2,000 on a new model when they take it in to be scrapped.
According to the AA, the report also shows that people are more confident about how far their savings can go.
Mark Huggins, director of AA Savings, said: "With interest rates improving, now is certainly a good time to get back into the habit of saving."
Intelligent Finance and Barnsley and Principality building societies recently increased the interest on their online savings accounts, according to Moneyfacts.
Savings go towards new cars, says AA
Financial Services > Saving Accounts > News
Savings go towards new cars, says AA
Tue, 30 Jun 2009
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