Savings levels hit by higher cost of living

New data from the British Bankers Association (BBA) shows that savings levels have fallen in the first six months of 2011 compared to the same time period last year. The figures show that personal savings and deposits rose in the first half of 2011 by £6.1billion, less than half of the £15.9 billion rise for the same period last year. Reasons The significant slowdown in the rate of saving is being mainly attributed to rising living costs, particularly gas and electricity prices. The cost of running a car has also increased significantly with fuel prices rising during the first half of the year. The BBA ...