A fifth of Brits are saveaholics : Credit Card Guide

A fifth of Brits are saveaholics

According to a recent report around a fifth of Brits have admitted to being saveaholics, and are perfectly happy to make any necessary sacrifices in order to try and put some extra money aside in savings.

Despite rising interest rates and inflation, which has reduce the amount that many people are able to put into savings, many still state that they will prioritise on putting money away for emergencies, for the future, or for specific purposes, and will do so by cutting back in other areas wherever necessary.

The research was carried out by National Savings and Investments. The report compiled from the research states that the type of things that Brits cut back on in order to have some money to put aside includes new clothes, outings and social events, and home improvements. Recent studies have found that although more people are now savings than in the past the amount of money being saved overall has reduced in proportion to income, and this has been partly blamed on rising interest rates, which have affected the ability of many households and individuals to put money into savings.

The fact that one fifth of Brits is intent on saving money is still good news states one official from National Savings and Investments.

He stated: "This result challenges the bleak view of Britain as a nation obsessed with spending and debt, and demonstrates there is a distinct group of British savers who are not only in the black but committed to saving every little penny. This may be influenced by the increased use of the internet which not only makes saving easier but also offers many ways to cut spending."

Tom Smith
19th September 2007

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