Unexpected rise in consumer savings in first three months of this year | Debt Advice Foundation

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.

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

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