New Survey

Savings on the up

Britons squirreled away £136 billion in savings during 2006, according to new research.



The survey by financial adviser website Unbiased.co.uk revealed that this is £25 billion more than was saved in 2005 - a record figure.

And for every pound that was saved by consumers last year, 40p worth of borrowing was made on various financial products.

While this was significantly less than the 52p borrowed for every pound saved in 2005, savers could do a lot better, said Unbiased.co.uk chief executive David Elms.

"Personal debt in the UK continues to rise and, as such, all the conscientious effort being made on the savings side is being undone by continued increasing usage of credit cards, loans and overdrafts," he warned.

For those looking to invest in a tax-free individual savings account, the deadline for transferring money up to certain limits to such accounts is on April 5th.

'Single parents save less for children's future'

Single parents are finding it harder to save money for their child's future than couples, a new survey reveals.

The Three Generation Britain (3GB) study from assurance company Engage Mutual found that 17 per cent of single parents with a child under 16 made regular payments into their child's savings account in the last six months, compared to 42 per cent of couples.

Of those who were able to save, single parents put aside an average of £122 per child in the last six months, compared to married or co-habiting couples who saved £189 for each child.

However, single parents were found to be more likely to contribute towards their child's education or helping to pay back their student loan, with 17 per cent of single parents giving an average of £2,929, while 16 per cent of couples gave £2,366.

Karl Elliott, 3GB spokesperson for Engage Mutual, said: "Rising childcare and education costs, along with increases in the cost of living, mean that today's parents are feeling growing financial pressures in bringing up children."

Legal & General research showed that 64 per cent of British adults said that they were in the mood to save money at the end of February, compared to just 24 per cent who were in the mood to spend.

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