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UK savers are setting more money aside, claims Santander

The appetite for saving has increased considerably over the last 12 months, with savers depositing 12% more each month than they did this time last year, according to new figures from Santander.

The average Brit deposits £114 per month in a savings account, up from £102 in September 2010. The total number of savers has also increased, leaving just one in five (21%) with absolutely no funds to fall back on compared with almost one in three (30%) a year ago.

One in four (12.4 million) of those questioned said they intended to increase the size of their monthly deposits over the next three to six months.

However, with inflation reaching 4.4%, 27% of UK savers are concerned about the impact this will have on the purchasing power of their savings.

Only 35% of Brits said their saving habits were unaffected by inflation or interest rates, highlighting the sensitivity of the public’s attitude to saving in the context of the wider economy.

Matt Hall, head of savings at Santander, commented: “The importance of having cash saved for a rainy day has never been more real and as a result, many people are taking a long hard look at their finances and identifying ways to start saving more.”

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