Bank balances rise despite recession

family savings

family savingsLiving through the recession has been difficult for many of us and our families, but in spite of the downturn our savvy saving skills have actually led to an overall upturn in our bank balances.

A customer savings report by ING Direct revealed that the amount of cash people have in their banks has actually ballooned to the largest sum since around two years ago! This shows our personal fiscal measures are working, and British parents and savers with a firm grip on the household purse strings are now reaping the rewards.

On average there has been a £284 rise in balances between January and March this year, the biggest ever increase for the banking group's report since it first started in 2009.

It's an 18% jump in contrast to the three months running up to January, meaning the average sum of savings in our accounts is around the £1,858 mark.

ING Direct chief executive Richard Doe said: "Our research told us that ordinary Britons saw restoring savings as their top financial priority for 2012, but in the current climate we thought it would be tough for them to deliver on this.

"Six months of relatively restrained spending may not have helped the economy in terms of GDP growth, but it has allowed Britons to deliver on their determination to restore their savings."

To help you cut your debts even further check out this guide to getting rid of your overdraft.