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Brits' savings at five-year peak
The savings of British bank account holders have reached a five-year peak, research has revealed.
According to the National Savings and Investments (NS&I), which has been tracking trends since 2004, Brits were putting aside an average of £92.41 per month in the second quarter of 2009.
This compares with £90.12, which was the figure Brits were managing to save in the first quarter of 2009, and is the highest figure seen since the NS&I began records.
Dax Harkins, senior savings strategist at NS&I, said: "Many of us are cutting back on unnecessary spending and instead are putting a priority on saving."
He added that putting money aside for an emergency is still the top reason Brits cite for saving.
However, the expert conceded that while savers are setting themselves more ambitious targets they are still routinely failing to meet expectations.
Earlier this month, financial journalist Rupert Jones wrote in the Guardian that the tide is turning in favour of savers.
He said that rising money markets will bring higher interest rates.