UK in the mood to save

Birtons are increasingly deciding to keep tight rein on their purse strings by saving money, new research reveals.

The nation’s appetite for saving is at an all time monthly high at the moment according Legal and General’s MoneyMood survey.

The number of respondents who said they were in the mood to save rose to 64 per cent this February from 54 per cent last year.

At the same time, only 24 per cent of people are in the mood to spend their money; that is the lowest figure for a February in the past three years.

But while these figures have changed, the number of people who feel they have enough to save has remained steady at around 58 per cent.

"That’s good news as it shows that the majority of households (58 per cent) are in a position to save rather than struggling to make ends meet," said Claire Stracey, Legal and General’s director of customer marketing.

The mood to save may be encouraged by record breaking bonuses being handed out.

Birmingham Midshires found that last year 29 per cent of workers were given a total of £24 billion in bonuses worth on average £1,758.

Their research showed that of those getting a bonus 39 per cent put it into savings.