Brits save to curb debt
The British have acquired a reputation for high debt and over-indulgence. However, recent studies have shown that they are trying to quash this stigma. Over 20% of people have now become addicted to saving money. In fact, many worry that they are not saving enough.
The NS&I Quarterly Saving Survey reveals that summer 2007 was the first time ever to have shown a rise in savings measurements.
During the past twelve months, the Brits have managed to cope with debt problems and bank cash for a rainy day. Savings have risen from £77.55 to £81.43 per month with more and more people seeing the advantages to saving.
Many savaholics feel pangs of guilt if they overspend or buy something frivolous and females seem to have taken to the savings bug more eagerly than the men. The down side is that they also feel the most guilt if they dip into their savings.
Many have become so absorbed in saving money that they deny themselves any treats and often go without new clothes, holidays or evenings out. Some are becoming unpopular with family members as they do not partake in buying gifts for occasions and even refuse to buy a round of drinks.
People are starting to see that savings are a means to curbing debt and breaking free from the constraints of credit card lending. As a result, savers are giving themselves a pat on the back for coping with debt and still managing to make regular monthly payments to a saving scheme.
Savings News posted on 15/10/2007 11:00:10
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