Savings levels are at their highest for 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.

The latest edition of NS&I’s Quarterly Savings Survey reveals that Britons have recorded the highest saving level of the year. People are now saving 8.04% of their incomes each month, £101 in monetary terms. 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.

2013

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 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 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

Regional data available on request

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.

About NS&I

NS&I is one of the UK’s largest financial providers with over 25 million customers and over £100 billion invested. All products offer 100% security, because NS&I is backed by HM Treasury. NS&I products are available over the telephone, internet, post and by standing order. Savings tips including a later life guide and further information on personal finance are available in the You and Your Money section on nsandi.com.