Brits saving 'nine times less than Chinese'

British consumers are saving considerably less than their counterparts in China, the results of a new study have discovered.

People in the UK only save an average of seven per cent of their salary per year, with the median household having money put away amounting to just £5,009.

However, in China, the average working family is saving 47 per cent of its salary every year, credited to the fact that there is no pension or benefits system in place from the state in the far-east country.

This means that UK consumers are saving, on average, nine times less than people in China. The study also found those in Germany save ten per cent of their salary.

Greg Coughlan, head of savings at Lloyds TSB, said: "While these findings should perhaps not be surprising in view of the figures we have seen on savings ratios, they are still remarkable. Despite significantly higher income levels, today's British and German households are both being roundly beaten in the savings stakes by urban Chinese households. "

Earlier this week, First Direct reported that more people in the UK are now trying to save rather than reducing their debt.

Norton Finance, Norton House, Mansfield Road, Rotherham, South Yorkshire S60 2EB Tel: 01709 518518

Norton Finance is a trading style of Norton Financial Services Limited - Company Registration Number: 1703503 - CCL Number: 142718

© 2012 Norton Finance