Under 30’s Save More Than Their Parents

Young adults beneath the age of 30 saved on average two times as much as their parents between January and March of 2005. Figures show that those over 50 years of age saved an average of 393 pounds, and those under the age of 30 saved 792 pounds.

Richard Brown, head of savings at Birmingham Midshires stated: “"For too long the industry has been focusing on bemoaning the apparent scale of the nation's savings gap and this has created the impression that debt-ridden Brits simply don't save. Our study shows the opposite to be true. Brits save and regularly."

For the first time in 11 years, the amount owed on credit cards dropped according to the British Bankers Association.

Even though debt increased as a whole throughout the UK, compared to this time last year the level of debt has fallen.

The chief Executive of IFAP, David Elms stated "The picture is improving but we're still kidding ourselves. God forbid if anyone thinks that this improvement in saving means we're in control of our finances. Long-term saving is crucial but if anyone is borrowing they need to look at their saving on a net basis to get an accurate picture. Many people may find that, if they use their savings to pay off their debts, they're left with nothing."