Britons living in financial fear

Saving Money

British citizens are attempting to save money in the highest numbers for two years due to widespread fears over the economy and the threat of unemployment.

According to research conducted by National Savings and Investment, Britons are currently saving around £87.37 pounds a month which would work out to around £1,000 per year.

Economic instability and growing unease regarding the state of the UK job market are thought to be prime factors for the savings hike, with people aware that the future my come with some unwelcome changes.

Tim Mak from National Savings and Investment said: “The last two years have been hard for many people with many factors hitting people's savings hard. These factors could be the reason people are now trying to save more, to ensure they have enough money for unexpected events such as job loss or unforeseen bills.”

He added: “We all face the possibility of situations we simply have no control over so it is essential that we are prepared for any emergency that will require immediate access to money. People may expect things will be tougher financially in the years ahead and will want to prepare themselves for the future.”