Growing confidence among British savers for the year ahead

4 January 2010

Male savers keen to increase the amount they save for the first time since Spring '08.

The British population is increasingly confident about the ability to save more in the coming year, according to recent research by NS&I. Perhaps encouraged by recent reports of a financial upturn, British savers are more confident in their outlook with over a quarter of the population (27 per cent) saying they are more likely to save money in the next 12 months than they did last year.

The NS&I figures reveal that male savers appear especially confident about the likelihood to set more money aside in 2010, with almost a third (30 per cent) saying they will save more in the next 12 months, up from 25 per cent in autumn 2008. By comparison, women savers have remained consistent in their outlook with 24 per cent expecting to save more in the coming year, the same figure as autumn 2008. It is also the first time since spring 2008 that male savers have said they are more likely to increase rather than reduce the amount they save over the coming year,

Tim Mack, NS&I's savings spokesperson, comments: "People are increasingly confident that they will save more over the next year than they have done in the last year. Improving prospects in 2010 may be one reason, or it could be that people are taking the New Year as an opportunity to review and refresh their finances, and to increase their savings to boost their financial security."

Greater London, Wales, East Anglia and the North East England are the areas displaying the most certainty, while people in the South West are the least optimistic. Just 22 per cent of people in this area thought they would save more in 2010.

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