Savings accounts beginning to swell, says Post Office

The Post Office has recently released findings that many UK savers are beginning to sock money away for a recession-free future, using their savings accounts to begin to grow their nest eggs by depositing a small amount into them on a monthly basis.

For those of us who watch our bank statements very carefully in order to keep track of our money, saving money for the future is always justified; newly conducted research by the Post Office indicates that in the UK, the post-recession climate has led to more and more people watching their money much more carefully and husbanding it in order to encourage its growth.  The study found that approximately 84 per cent of respondents are cutting back their spending and instead putting money aside for the future.

The Post Office’s Alternative Census analysed 10,000 Brits across the country, asking them if they have been more eager to save for the future by either using savings accounts or similar products such as ISAs, and with the long-term goals of making a big-ticket purchase of either goods or services.

The study found that 18 percent of those surveyed – just a shade less than one in every five – prioritised saving money over all else in the current post-economic downturn environment, while 37 per cent said they were saving specifically for an upcoming holiday instead.

This new evidence may complement statements made by Stuart McKeggie, head of credit card services at Sainsbury’s Bank recently.  Mr McKeggie stated that, throughout the past year, consumers in the UK had maintained a relatively flat level in regards to their credit card use, possibly indicating a move away from paying for large purchases with credit and instead using cash saved up over a longer period of time.

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