Unexpected rise in consumer savings in first three months of this year

UK consumers’ savings in easy access accounts jumped by 18 per cent during the first quarter of 2012 - the first consecutive quarterly rise since ING Direct’s consumer savings monitor began in 2009, according to its latest report.

Average savings now stand at £1,858, up by £284 on the last quarter of 2011. The rise is attributed mainly to careful spending by consumers; however it is estimated that about a third of those who have received or are claiming refunds following Payment Protection Insurance mis-selling, plan to save their windfalls.

For more information, go to:  http://www.consumersavingsmonitor.co.uk/reports/CSM-press-release-Q1-2012.pdf