The latest ING Direct Consumer Savings Monitor is based on tracking research conducted in Q4 2011 (October-December) 1. It reveals the following key information:
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The ordinary man or woman in the UK currently has £1,574 in readily accessible cash savings in banks and building societies
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This is a rise of £73 (+4.9%) since the previous quarter, but a £260 (-14.2%) decline over the last year
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This figure equates to just under 1.2 times average monthly take home pay, or 36 days’ worth of income in savings (based on 30 day month)
- 27 per cent of Britons have no savings whatsoever
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Respondents also reported that their unsecured debt fell significantly during the quarter, with levels of borrowing on loans, credit cards and hire-purchase agreements decreasing by £405 (-15.4 per cent) to an average of £2,224 (see figure 3 on page 5). This is the lowest level recorded since tracking began in January 2009
1 Full details of methodology are included in the Appendix in the full report available here.