2 November 2007
Overall savings levels in the UK are set to rise still further in the next few years, research from Alliance & Leicester (A&L) shows.
The study, released today, points out that cash savings have doubled since 2000 - and have increased at five times the rate of unsecured borrowing.
Savings have increased by £426 billion over the seven-year period - with personal loans and other unsecured products going up by just £79 billion.
Moreover, 39% of customers polled by A&L indicated that they intended to increase their savings in the future.
Ewan Edwards, Head of Savings at Alliance & Leicester, commented: "If current growth continues, then in the next five years personal cash savings could grow to around £1 trillion.
"We expect many of the trends over the last few years to continue with overall savings balances rising and further growth in tax efficient savings such as ISAs, Instant Access accounts and different types of 'disciplined' savings."
Further findings of the A&L poll found generally responsible attitudes to saving from Britons - with just 2% saying that saving was not necessary compared to the 39% who found it important.
Just 12% also said that they felt that they lacked the discipline to save.