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‘Savings addicts’ challenge view of UK as debt-ridden

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10/09/2007

A fifth of Britain’s savers are ‘saveaholics’ according to the latest National Savings & Investment (NS&I) Quarterly Savings Survey.

There is also a ‘feeling money that could have been saved has been frittered away’ (47% of the general population apparently feel this) and 42% report that they experience anxiety if they dip into their savings to fund an unexpected purchase.

And in order to maximise their saving, 29% of the general population have turned down holidays, social engagements, new clothes purchases and home improvement projects.

Dan Harkins, senior savings strategist at NS&I, said: “This result challenges the bleak view of Britain as a nation obsessed with spending and debt, and demonstrates there is a distinct group committed to saving every penny.

“It is positive to learn that over half of savers say they save a small amount on a regular basis because even a small effort can be rewarding.”

ED’S COMMENT

The NS&I Quarterly Savings Survey is a model of its kind and well-regarded by those seeking a clear and thorough analysis of the savings scene. However, the latest upbeat findings are so at variance with the usual picture of Britain as a debt-ridden nation muddling through from one month to the next that I do have a few doubts about some of the figures. However, you’ll hear no complaint from me about the “8% who never buy a round of drinks in the pub” as these are the people I seem to always meet in said establishments.

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