Savings levels are at their highest for a year
The percentage of income saved each month has slowly risen and the monetary level has also surpassed £100 for the first time in a year.
- Savings levels are up on the previous quarter and have surpassed the £100 mark (£101) for the first time since last year.
- Women (8.36%, £89) have overtaken men (7.84%, £113) for the first time in a year.
- The savings levels of the younger generations have improved while the older age groups have seen their savings levels slip.
2013 savings overview by quarter
| Quarter | Amount saved as percentage of average income | Average saved per head |
|---|---|---|
| Spring | 6.89% | £88 |
| Summer | 7.42% | £96 |
| Autumn | 7.76% | £98 |
| Winter | 8.04% | £101 |
This quarter’s figure represents the third Winter in four where savings levels have been above 8%, and it is also the fourth consecutive year that there has been an uplift in savings levels from Autumn to Winter.
Women have overtaken men in the savings race
As predicted in the last Quarterly Savings Survey, women (8.36%) have overtaken men (7.84%) in the amount saved as a percentage of income each month. This was last the case in Winter 2012 and it is just the eighth quarter it has happened since the survey began in Autumn 2004.
| Women's savings levels | Men's savings levels | ||
|---|---|---|---|
| Autumn | Winter | Autumn | Winter |
| 2011: 7.54% (£77) | 2011: 8.38% (£85) | 2011: 7.20% (£100) | 2011: 7.21% (£105) |
| 2012: 7.69% (£78) | 2012: 8.37% (£88) | 2012: 7.10% (£103) | 2012: 7.96% (£120) |
| 2013: 7.76% (£81) | 2013: 8.36% (£89) | 2013: 7.81% (£115) | 2013: 7.84% (£113) |
There has also been a significant difference in the genders in terms of not saving anything each month. Just under a fifth (18%) of women are now no longer saving anything each month, and this compares favourably to 23% this time last year. On the other hand, the same percentage of men (18%) are not putting any money aside in savings each month, but this has increased slightly from 17% at the same time last year.
Age groups
Better performers
| Age group | Amount saved per as percentage of average income - Winter 2013 | Average saved per head - Winter 2013 | Amount saved as percentage of average income - Autumn 2013 | Average saved per head - Autumn 2013 |
|---|---|---|---|---|
| 16-24 | 11.33% | £95 | 9.05% | £87 |
| 25-34 | 8.59% | £118 | 7.99% | £107 |
| 35-44 | 7.41% | £104 | 7.03% | £94 |
Worse performers
| Age group | Amount saved per as percentage of average income - Winter 2013 | Average saved per head - Winter 2013 | Amount saved as percentage of average income - Autumn 2013 | Average saved per head - Autumn 2013 |
|---|---|---|---|---|
| 45-54 | 6.32% | £83 | 6.42% | £90 |
| 55-64 | 7.40% | £93 | 7.88% | £98 |
| 65+ | 8.71% | £108 | 8.83% | £106 |
Notes to Editors
The most recent NS&I Quarterly Savings Survey was conducted by TNS, among 2,420 British adults aged 16+ between 30th January and 6th February 2014. The survey has been running every quarter since winter 2004, and is a snapshot of how the nation is saving.