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Number of Brits saving 'hits 16-month high'
The number of people regularly or occasionally saving money in the UK has hit its highest level in 16 months.
According to research from Nationwide, 79 per cent of Brits put some money away during January, which is the highest figure reached since September 2008.
However, the building society warned that continued inflation could impact on the future savings plans of many people.
Andy Hutchinson of Nationwide said: "Some consumers may have made it their New Year resolutions to save more frequently.
"Whatever the reason, it will be interesting to see in the next coming months whether this improvement can be sustained."
Last week, research by Nationwide revealed that consumers in the UK have become increasingly cautious about spending.
Martin Gahbauer, chief economist of the organisation, suggested that the removal of initiatives such as lower VAT and the car scrappage scheme has led many people to reconsider whether they should part with their cash.