Savings continued through recession

Fri, 12 Feb 2010

New figures suggest that a majority of Brits were not put off saving by the recession.

A survey by Barclays shows that 37 per cent of people said their savings had not been impacted, while a further 17 per cent put more money into savings accounts through the recession.

The proportion was even higher for those aged between 16 and 24, with 67 per cent not negatively impacted. Andy Gray, head of savings for Barclays, believes that it shows people adapted to the economic conditions.

He said: "We're hopeful that this is an enduring change - the beginnings of a lifetime habit that will help see them through further good and bad times - and perhaps the younger generation who have never really experienced a downturn like this before, are being influenced by older members of their family."

Recent statistics released by Nationwide Building Society revealed that the number of savers had reached a 16-month high.

The firm's Savings Index showed that the percentage of people not saving had reduced to 21 percent, from 25 per cent.
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