Britons average monthly savings rise by over 50% in ten years

  • People’s average monthly savings have risen by over a half (52%) during the past ten years.
  • Women close the savings gap
  • The North East of England has the largest increase in average monthly savings over the decade, with savings rising by over 124%.

British people’s average monthly savings have increased by over 50% during the past 10 years according to the latest NS&I survey, with women’s savings accelerating faster than men’s.

The survey shows that over the past decade the average amount saved per head each month has risen from £68.85 in spring 2005 to £104.56 in spring 2015; an increase of £35.71 or 52%.

The increase comes despite a slight fall (-0.8%) in the average saved per head compared with 12 months previous.

  Average saved per head  % difference year on year
Spring 2005 £68.85 /
Spring 2006 £84.20 22.29%
Spring 2007 £77.55 -7.90%
Spring 2008 £82.87 6.86%
Spring 2009 £92.41 11.51%
Spring 2010 £85.21 -7.79%
Spring 2011 £100.24 17.64%
Spring 2012 £87.04 -13.17%
Spring 2013 £87.81 0.88%
Spring 2014 £105.43 20.07%
Spring 2015 £104.56 -0.83%

 

During the past decade women have seen a greater percentage increase in their monthly savings with spring 2015 figures showing that they are now, on average, saving £91.77 a month compared with £56.80 in spring 2005; an increase of £34.97 or 62%.

In comparison, while on average men have been able to save more overall than women, their average monthly savings have only increased by 44% in the past decade from £81.73 in spring 2005 to £117.33 in spring 2015.

 

  % difference in past 12 months – women Average saved per head – women % difference in past 12 months – men Average saved per head – men
Spring 2005 / £56.80 / £81.73
Spring 2006 26.13% £71.64 17.51% £96.04
Spring 2007 -8.45% £65.59 -6.05% £90.23
Spring 2008 -0.12% £65.51 11.07% £100.22
Spring 2009 7.16% £70.20 15.56% £115.81
Spring 2010 2.91% £72.24 -14.57% £98.94
Spring 2011 17.44% £84.84 17.04% £115.80
Spring 2012 -9.30% £76.95 -15.93% £97.35
Spring 2013 -6.76 £71.75 6.18% £103.37
Spring 2014 25.17% £89.81 17.58% £121.54
Spring 2015 2.18% £91.77 -3.46% £117.33

 

The survey also shows that over the decade people living in the North East of England have on average seen their savings potential increase by a staggering 124.36%. Back in spring 2005 people from the region were on average only putting aside £40.88 a month while that figure has now risen to £91.72 per month; the largest increase of any region in the country.

At the other end of the scale it’s people living in the South West who’ve seen the smallest growth in their average monthly savings with an increase of just 13.85%. In spring 2005 people from this region were on average putting aside £75.16 per month compared with £85.57 a month in spring 2015.

 

Region Spring 2005 Spring 2015 Difference in £s % difference
Scotland £67.06 £108.35 £41.29 61.57%
North East £40.88 £91.72 £50.84 124.36%
North West £76.61 £107.18 £30.57 39.90%
York / Humberside £72.56 £106.12 £33.56 46.25%
East Midlands £64.90 £83.80 £18.90 29.12%
West Midlands £72.76 £88.62 £15.86 21.80%
East Anglia £83.72 £111.34 £27.62 32.99%
Greater London £81.42 £146.33 £64.91 79.72%
South East £57.59 £102.38 £44.79 77.77%
South West £75.16 £85.57 £10.41 13.85%
Wales £65.38 £76.22 £10.84 16.58%

 

While the savings habit is improving across the country there are still nearly one in five (19%) people aged between 16 and 34 who say they do not have any savings at all. The picture improves as people get older with fewer than one in ten (9%) of those aged 65+ saying they have no money set aside.

Age range % who don’t have any savings
16 – 24 19%
25 – 34 19%
35 – 44 17%
45 – 54 17%
55 – 64 11%
65 + 9%

 

Julian Hynd, Retail Director at NS&I, said: “It’s encouraging to see that people all across the country are able to budget more and more of their monthly income towards their savings. Although the average amount saved per person has slightly fallen compared to spring 2014 we are still seeing the second highest for the decade.

“We want to encourage a healthy savings culture where people do think about the unexpected. Regularly reviewing our saving behaviour and putting aside that bit of extra money each month – either for a rainy day or a big ticket purchase – is a good habit for us all to be in.”

Notes to Editors:

The spring 2015 NS&I Quarterly Savings Survey was conducted by TNS among 2,424 British adults aged 16+ between 21 and 28 May 2015. The survey has been running every quarter since autumn 2004, and provides a snapshot of how the nation is saving.

  • Further data splits (including regional data) is available on request.

About NS&I:

NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments products. All products offer 100% security, because NS&I is backed by HM Treasury.