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More people saving on a regular basis, says Lloyds Bank

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People are feeling more confident about their savings, with more than two thirds setting money aside over the past year, according to a study.  

The Lloyds Bank Savings Report found that 44% of savers have saved at least once a month, up from 37% in the last quarter of 2014.

Almost one in ten (9%) have been able to save more than £1,000 in the last month and 18% have saved £500 or more.

Current levels of savings also paint a positive picture with 23% of respondents having more than four times their household monthly income in accessible savings.

The report suggests men are better savers than women, with 21% of men saving more than £500 last month, compared to 14% of women. Men are significantly more likely than women to save to fund their retirement, with 15% of men saving compared to 9% of women.

The top reasons people are saving include putting money aside for financial security (60%), nearing half (44%) save out of habit, with a similar proportion saving towards a short term goal, such as a holiday or new car (43%).

Philip Robinson, savings drector for Lloyds Bank, said: “We are seeing a shift in confidence when it comes to people’s ability to save.

“For people who may not be as confident with their current savings habits, it’s important to try and save a small and regular amount each month. This can help to build a strong savings pot over time, which can be increased as circumstances improve.”

Of those who have been unable to save in the past 12 months, around two thirds (64%) have not had enough money left to do so, while just under a third (30%) have been unable to save due to paying off debt. In addition, 68% of people surveyed said that they would rather pay off any debt they owe before saving.

Cash ISAs continue to be the most popular way to save (46%), followed by instant access savings accounts (44%). A fifth (20%) of savers say they have been using a high interest account in order to save money in the past 12 months.

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