Savings: How much do you save each month? How do you compare? We reveal the answers

Savings: How much do you save each month? How do you compare? We reveal the answersA new survey has revealed how savings habits have changed over the past decade. The latest National Savings & Investments (NS&I) Quarterly Savings Survey, which is now 10 years old, reveals how little the average Brit is saving: 10 years ago the average person in Britain saved £82 per month This has now risen to ...

Smaller chocolate bar helps push up Inflation, causing more hardship for savers

New figures from the Office for National Statistics (ONS) have shown that the rate of inflation in the UK jumped sharply last month. The Consumer Prices Index (CPI) rose from 2.2% in September to 2.7% on October, whilst the Retail Prices Index (RPI), which includes the cost of housing, rose from 2.6% to 3.2%. Whilst the government described the figures as “disappointing” they perhaps offer an explanation as to why the Bank of England did not increase the size of the existing Quantitative Easing (QE) program at least week’s meeting of the Monetary Policy Committee (MPC). The Bank of England is charged with ...

Mervyn King offers no help for savers

With the rate of inflation now slowing, having seemingly peaked a few months ago, the attention of savers has turned to the all time low interest rates they are getting on their savings. Over the past few years savers have been caught in a perfect storm of low interest rates and relatively high inflation. For many this has meant a real terms fall in the value of their savings, even if they worked hard to find the best savings interest rates....

Inflation and rising unemployment bite hard at middle class families

New research has shown that middle class families have seen their savings fall by around £2,000 over the last three months alone. The research by the bank, ING Direct, shows that the twin threats of rising inflation and higher unemployment are causing middle class families to see a sharp decline in their savings. Harder hit The research, part of ING Direct’s quarterly Consumer Savings Monitor also shows that middle income families are being hit the hardest by current levels of inflation, despite the drop reported earlier this week, because they spend disproportionately more of their income on energy, petrol and food, which have ...