Brits Increase Their Savings – Office for National Statistics
Written on 26 Oct, 2011 at 06:43 by Ulyana Chernyak
The official data released by the Office for National Statistics yesterday, on October 25th, suggests that Brits have ramped up their savings.
Because of recession fears, the savings ratio in UK rose to 7.4% in the second quarter, up from 5.9% in the first quarter of the year.
Overall, Brits have saved more than 19 billion pounds between April and June 2011, which compares to only 15 pounds in the first three months of the year.
Commenting on the findings, the ONS experts said that "households tend to increase their savings... when... they... face adverse financial and economic conditions." They also highlighted that "households continue to be cautious about the certainty and outlook of their incomes and their spending power and are finding ways to maintain or increase their savings as a precautionary measure."
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