20 September 2006
Brits are saving more money than at any other time in the 21st century, according to new research.
A study by IFA Promotion has revealed that Brits saved a record £38.6 million between April and June 2006.
Although these saving levels are high, IFA has warned consumers of becoming too complacent as many are borrowing to achieve these record saving levels.
IFA's survey has discovered that consumers are now borrowing more money than they were at the beginning of the year.
The new figures showed consumers borrowed 48 pence for every pound they saved between April and June, which was up from 16 pence for the first three months of the year.
David Elms, IFA chief executive, stated the latest figures show "a sensible budgeting mantra is yet to be embedded in the British psyche".
He said: "This new-fangled allegiance to saving is all well and good, but only if we show equal commitment to controlling our debts.
"People are beginning to take heed of repeated calls to start saving but seem to be eliminating spending and borrowing behaviour from their budgetary considerations.
"The simple fact is that if we don't stop borrowing money, the positive effects of saving will be negated."
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