uk savings hit record levels by Finance News Bulletin

Published: 14/03/07

novel figures from IFA Promotion have reported that savings levels in the UK were at their highest ever level in the second district of 2006, with over £386 million saved between April and JuneHowever, despite this widespread practice of savings financial records, bad habits persist among UK consumers, as it was found that populace are borrowing an average of 48p for every hit that they saveIFA Promotion pointed out that it was certainly a optimistic thing to show commitment to a savings account, but stressed that it was only fully valuable if equivalent dedication is shown to controlling debts

"People are beginning to take heed of repeated calls to start economy but seem to be eliminating expenditure and borrowing behaviour from their budgetary considerations," said David Elms, leader executive of IFA Promotion"The simple information is that if we don't stop borrowing money, the positive effects of saving will be negated"also, the trend of taking on borrowing as well as using savings accounts is deterioration, according to IFA PromotionThe organisation said that, in the first quarter of 2006, only 16p was borrowed for every pound saved, demonstrating that a sensible budgeting plan "is yet to be embedded in the British psyche"

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