Britons put away 9.9 per cent of their incomes for a rainy day over the past 12 months – the second consecutive yearly increase, new data shows.
Almost one in five have managed to save more over the past year – an extra £951 on average, according to the annual Savings Tracker from Aldermore Bank. The proportion who are financially struggling has also declined, from 21 to 18 per cent.
However, while adults in the UK have around £7,500 in savings on average, there is a persistent disparity between genders. Men have £15,000 on average, compared with £3,000 for women.
Men who increased their savings this year added an extra £1,500, while women saved an additional £750 on average.
Money in the bank: Britons put away 9.9 per cent of their incomes for a rainy day over the past 12 months
Savers could find it harder to increase their nest eggs this year due to falling interest rates.
Savings providers have been announcing cuts to their easy-access accounts since the Bank of England base rate cut earlier this month. Fixed-rate accounts are also falling, with the average one-year fixed rate account now standing at 4.03 per cent.
Alex Myers, director of savings at Aldermore says: ‘Falling interest rates bring relief for borrowers and an opportunity for savers to ensure they have the right strategy in place.’
