31 August 2006
Despite repeated warnings of a "savings crisis", Britons do appear to be heeding the advice to save.
The average Briton has £7,548 stashed away in liquid savings, according to the latest Birmingham Midshires' Saving Britain survey.
Financial advisers recommend that people have sufficient savings to fund themselves for three months in the event that they lost their income; this sum comfortably covers this, allowing for 167 rainy days.
The findings contradict the pessimistic picture of a nation of consumers embracing a 'live now, pay later' lifestyle.
Jason Robinson, director of savings operations for Birmingham Midshires, said: "For a long time we've been vocal in recommending that Britons have at least three months salary in savings to cover those unexpected costs that lurk around the corner.
"It is encouraging to see that we are taking heed of this message and are actually saving double this amount."
Less surprising was the confirmation that people's savings increase with age. The under 30s typically have less than £1,500 stashed away, rising to £13,000 among the over 50s.
The survey also revealed a stark gender divide, with men having more than £10,000 in savings on average, compared to less than £4,000 among women.
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