UK private savings down - again
Research by ING Direct indicates that average savings are down £100 compared to this time last year and £240 compared to 2 years before. The average saver now has around £1780. Which, let's face it, is not a lot when it costs £50-£60 to fill your car's petrol tank.
41% of the economic population (they don't tell us exactly who they are researching) are relying on savings to make ends meet. My guess is that all of this 41% are in that part of the population not receiving income from the state. This group probably includes a lot of pensioners.
£240 (average) times (say) 35m economic population is £8.4bn.
Savings make up a big chunk of private banks' reserves - but this reduction of savings will probably mostly stay in the banking system, and be deposited again as someone else's cash deposit.
41% of the economic population (they don't tell us exactly who they are researching) are relying on savings to make ends meet. My guess is that all of this 41% are in that part of the population not receiving income from the state. This group probably includes a lot of pensioners.
£240 (average) times (say) 35m economic population is £8.4bn.
Savings make up a big chunk of private banks' reserves - but this reduction of savings will probably mostly stay in the banking system, and be deposited again as someone else's cash deposit.
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